KUALA LUMPUR, Computer mainframe systems specialist Infomina Bhd (KL) said its Philippine subsidiary has been hit with a RM225.67 million counterclaim by the Bank of the Philippine Islands (BPI), escalating the ongoing legal dispute between the two parties over an alleged wrongful contract termination.
In a filing with Bursa Malaysia on Wednesday, Infomina said the counterclaim includes an “unprecedented” PHP3 billion (RM212.66 million) in exemplary damages, PHP173.48 million (RM12.3 million) as a refund of fees, and PHP10 million (RM710,000) in legal costs.
BPI is also seeking to include members of Infomina Philippines’ board of directors and Infomina’s group chief technology officer, Siow Liew Fei, as additional defendants in the case.
“Based on legal advice, Infomina Philippines remains confident in the merits of its claims against BPI, as well as its defences against the counterclaim — particularly with respect to the extraordinary demand of PHP3 billion in exemplary damages,” the company said.
Infomina’s Philippine unit has until Nov 15 to file its defence, though the deadline may be extended by another 20 days to Dec 5.
The dispute stems from BPI’s alleged wrongful termination of a 2021 software purchase and maintenance agreement with Infomina Philippines. In its original suit filed in September 2022, the company sought PHP1.65 billion (RM133 million) in damages, claiming that the termination was invalid and that BPI had failed to properly report its software usage and consumption as required under the agreement.
Infomina said the legal proceedings are ongoing, and it will make further announcements as necessary. Despite the legal developments, the company’s share price closed three sen or 2.19% higher at RM1.40 on Wednesday, valuing the group at RM841.75 million.
The outcome of the case, if successful, could have a material impact on Infomina’s financial performance and its operations in the Philippines, where it continues to expand its enterprise technology and data infrastructure services.
