Monday, March 28, 2011

Meridien Shore serves writ of summons on Boustead Naval Shipyard, claims RM49.5m for losses

KUALA LUMPUR: Boustead Heavy Industries Bhd (BHIC) associate Boustead Naval Shipyard Sdn Bhd (BNS) has been served with a writ of summons by Meridien Shore Sdn Bhd which is claiming RM49.5 million in losses.

BHIC said on Monday, March 28 Meridien (in liquidation) was claiming RM49.57 million as specific damages, interest at 8% per annum, general damages, cost and other relief over the alleged losses suffered after Bank Kerjasama Rakyat Malaysia Bhd foreclosed on several parcels of its land in Johor.

'Meridien is alleging that it had created third party charges over the land as a form of security for a financing facility granted by Bank Rakyat to BNS for RM15 million.

'It was also alleged by Meridien that Bank Rakyat foreclosed and auctioned off the land because BNS had defaulted on its repayment obligations to Bank Rakyat,' it said.

The High Court had fixed the matter for case management on March 28.

BHIC said BNS had appointed solicitors to handle this case and its directors viewed BNS has a good defence to this claim by Meridien.

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