KEV settles out of court with IRB

PETALING JAYA: Tenaga Nasional Bhd (TNB) and Malakoff Corp Bhd stated their joint venture, Kapar Energy Ventures Sdn Bhd (KEV), has withdrawn the judicial review application pursuant to an out of court settlement with the Inland Revenue Board (IRB).

In separate filings with Bursa Malaysia, TNB and Malakoff said the settlement is not expected to have any material impact on their financial positions.

KEV is a 60% subsidiary of TNB’s wholly-owned TNB Power Generation Sdn Bhd, and a 40%-owned associate of Malakoff. In November 2021, KEV received notices of assessment from the IRB amounting to nearly RM600mil.