Malaysia: ING Bank, O.W. Bunker legal suit against TMD to be heard in early December

Business

Published Tue, 21st November 2023
by Admin

TMD had received a document in 2021, representing an attempt by ING Bank and O.W. Bunker to enforce an English Judgment for approximately USD 937,000, which TMD disputed jurisdiction.

A legal trial between ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd against bunkering firm Tumpuan Megah Development Sdn Bhd (TMD) was scheduled to take place at the High Court of Malaya, Kuala Lumpur on 5 December 2023.

The latest development took place after ING Bank and O.W. Bunker successfully obtained an “Application for Trial” against TMD at the High Court of Malaysia through the Court of Appeal, according to a Monday (20 November) filing on Bursa Malaysia.

TMD had received a sealed Order dated 22 March 2021 and an undated Notice of Registration of Foreign Judgement. The document represented an attempt by ING Bank and O.W. Bunker creditors of the company, to enforce an English Judgment for approximately USD 937,000 with interest and cost which TMD disputed jurisdiction.

TMD solicitors on April 2021 filed an application to set aside the sealed Order dated 22 March 2021 and the undated Notice of Registration of Foreign Judgment it had received on the following grounds:

(a) the High Court of Justice, Business & Property Courts of England & Wales had no jurisdiction to grant an order against TMD;

(b) that the enforcement of the English High Court Judgment would be contrary to the public policy in Malaysia;

(d) TMD did not receive notice of proceedings in the English High Court.

TMD was acquired by Malaysia-listed Straits Inter Logistics for RM35.75 million in June 2018. Straits Inter Logistics Berhad in August 2021 changed its company name to Straits Energy Resources Berhad.

Photo credit: Straits Energy Resources Berhad
Published: 21 November, 2023

Malaysia: ING Bank, O.W. Bunker legal suit against TMD to be heard in early December

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