for the potential tax liability up to the reporting date. Notwithstanding with the above, the Company continued to claim the RIA for YAs 2020, 2021, 2022 and 2023 based on the legal advice, as the Directors of the view that it is permitted by the law. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 299 42 CONTINGENT LIABILITIES AND MATERIAL LITIGATIONS (CONTINUED) Material litigations (continued) (b) KEV On 29 October 2021, the IRB disallowed the interest expenses incurred by KEV in relation to the Redeemable Unsecured Loan Stock granted to KEV by the Company and Malakoff Corporation Berhad under Section 33(1)(a) of the Income Tax Act 1967 and KEV's revision of revenue for YAs 2004 to 2009. As a result thereof, the IRB issued noticesof assessment for the YAs 2011, 2012 and 2014 and notices of additional assessment for the YAs 2013, 2015, 2016, 2017 and 2018 amounting in aggregate to RM595.9 million. On 16 November 2021, KEV commenced a judicial review against the Minister of Finance at the High Court to challenge the matters arising from the above-mentioned notices. Pursuant to an out-of-court settlement with the IRB, KEV has withdrawn the judicial review application before the High Court on 21 June 2023. The out-of-court settlement had no material impact to the Group's financial position. (c) Southern Power Generation Sdn. Bhd. ('SPG') On 26 May 2023, the IRB issued notices of assessment for YAs 2017, 2018, 2019, 2020 and 2021 amounting in aggregate to RM78.5 million to SPG. On 6 June 2023, SPG filed a judicial review against the IRB at the High Court to challenge the matters arising from the above-mentioned notices. Subsequently, on 14 September 2023, the High Court granted leave to SPG to commence judicial review against the IRB and granted an interim stay of all further proceedings including the enforcement until the substantive hearing on 11 January 2024. Due to an ongoing discussion with a view to a proposed settlement with the IRB, the substantive hearing was vacated. The