BHIC - MATERIAL LITIGATION
Announcement Type: General Announcement
| Company Name | BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD |
| Stock Name | BHIC |
| Date Announced | 30 Apr 2013 |
| Category | General Announcement |
| Reference No | BH-130429-63098 |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO.22NCVC-316-04/2013 SEALINK SHIPYARD SDN. BHD. -V- BOUSTEAD PENANG SHIPYARD SDN. BHD. |
The Company is pleased to announce that its wholly-owned subsidiary company, Boustead Penang Shipyard Sdn. Bhd. (“BP Shipyard”) had, on 29 April 2013, been served with a generally endorsed Writ of Summons by Sealink Shipyard Sdn. Bhd. (“Plaintiff”). The generally endorsed Writ of Summons was filed in the High Court of Malaya at Kuala Lumpur on 22 April 2013. To date the Plaintiff has not served its Statement of Claim on BP Shipyard.
According to the general endorsement to the Writ of Summons, the Plaintiff is claiming against BP Shipyard an amount of RM23,141,373.37, costs and other reliefs that the Court deems just and fit, arising from an alledged breach of two contracts, both dated 3 September 2008, by BP Shipyard, with regard to the work done and/or goods supplied for the construction of the accommodation work barges for Hull No. 131 (first contract) and Hull No. 132 (second contract). The matter has been fixed for case management on 13 May 2013.
The Directors of BP Shipyard are firm in their considered view that the Plaintiff’s claim is without merit and they are confident that BP Shipyard will be able to resist the Plaintiff’s claim. The above aside, BP Shipyard is presently seeking legal advice in respect of a counterclaim to be filed by BP Shipyard against the Plaintiff in this action.
Further announcement will be made as the case progress.
This announcement is dated 30 April 2013. | |
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