Malaysia: Update on ING Bank, O.W. Bunker legal suit against bunkering firm TMD
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by Admin
Bunkering firm Tumpuan Megah Development Sdn Bhd (TMD), the subsidiary of Malaysia-listed Straits Energy Resources (SER), on Wednesday (7 February) provided an update on its legal suit involving ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd.
SER is defending against a USD 937,000 bunker claim from ING Bank and O.W. Bunker Far East.
According to SER in 2021, previously known as Straits Inter Logistics, ING and O.W. Bunker alleged that between 17 October 2014 and 29 October 2014, TMD and O.W. Bunker Singapore entered into contracts both made “orally or by yahoo messenger” whereby O.W. Bunker Singapore agreed to supply and/ or sell to TMD 423.73 metric tonnes (mt) of gas oil at a price of USD 753 per mt for delivery at the port of Pasir Gudang and 794.915 MT of gas oil at a price of USD775.50 per mt for delivery at the port of Kuantan respectively.
In the latest filing on Bursa Malaysia, SER noted TMD solicitors on 6 February informed SER that the Federal Court, the highest court and the final appellate court in Malaysia, had given the following directions in the case management held on 5 February:
- written submissions, common core bundle and executive summary (if necessary) to be filed by 15 May 2024;
- a case management on 16 May 2024 to monitor the filing of documents for the hearing on 16 May 2024;
- hearing on 30 May 2024.
TMD’s solicitors had also informed Straits Energy Resources that a case management has been fixed on 20 February to fix a hearing date for an application to stay the proceedings in the High Court pending the decision of Federal 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.
Manifold Times in November 2023 reported the legal trial between ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd against TMD was scheduled to take place at the High Court of Malaya, Kuala Lumpur on 5 December 2023.
Related: Malaysia: ING Bank, O.W. Bunker legal suit against TMD to be heard in early December
Related: Straits Inter Logistics to contest USD 937,000 claim from ING Bank and O.W. Bunker Far East
Related: Straits Inter Logistics files application to set aside ING Bank & O.W. Bunker Far East claim
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics undergoes name change to Straits Energy Resources
Photo credit: Straits Energy Resources Berhad
Published: 14 February, 2024
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