Monday, October 17, 2011

LFE awarded RM26.3m in suit vs main shareholder

KUALA LUMPUR: LFE CORPORATION BHD [] has been awarded RM26.35 million in its suit against its major shareholder and former director, Alan Rajendram A/L Jeya Rajendram.

LFE said on Monday, Oct 17 the Kuala Lumpur Regional Centre for Arbitration had awarded RM26.35 million, interest at the rate of 8% per annum from Dec 21, 2008, legal costs of RM200,000 and costs of the arbitration of RM104,352.

The company said it was informed of the final award of proceedings by its solicitors, Messrs Ranjit Singh & Yeoh which received the letter last Friday, Oct 14.

To recap, on May 25, 2010 LFE applied for the appointment of a sole arbitrator and commencement of arbitration proceedings against Alan Rajendram for the recovery of RM26.35 million in debts after he had failed to comply with LFE and its solicitor's letters demanding for payment.

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