The Board of Directors of Malaysia-listed Straits Inter Logistics Berhad (SIL), the parent of Tumpuan Megah Development Sdn Bhd (TMD), on Wednesday (14 April) announced TMD had received a sealed Order dated 22 March 2021 and an undated Notice of Registration of Foreign Judgement.
The documents represent an attempt by ING Bank N.V and O.W. Bunker Far East (Singapore) Pte Ltd, creditors of the company, to enforce an English Judgment for approximately USD 937,000 (exact: USD 937,353.24) with interest and cost which TMD has disputed jurisdiction.
TMD is taking steps to strenuously resist this attempt to enforce an invalid arbitration award issued without jurisdiction, said SIL.
According to SIL, 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 million 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.
Photo credit: Straits Inter Logistics Berhad
Published: 15 April, 2021
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