MATERIAL LITIGATION MARINE & GENERAL BERHAD ("M&G" OR "THE COMPANY") -ADMIRALTY ACTION IN REM BY MAJOROLE SHIPPING SDN BHD AGAINST THE VESSEL SEMUA BAHAGIA (ADMIRALTY IN REM SUIT NO. WA-27NCC-68-11/2016

MARINE & GENERAL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MARINE & GENERAL BERHAD ("M&G" OR "THE COMPANY") 
-ADMIRALTY ACTION IN REM BY MAJOROLE SHIPPING SDN BHD AGAINST THE VESSEL SEMUA BAHAGIA (ADMIRALTY IN REM SUIT NO. WA-27NCC-68-11/2016

Introduction

 

Further to the announcement dated 19 October 2018 by Marine & General Berhad ("M&G" or "the Company"), the Board of Directors of M&G wishes to announce that its wholly-owned subsidiary, M&G Tankers (L) Pte. Ltd. (“MGTL”), had on 31 May 2019 obtained a judgement in its favour in the Admiralty Action by Majorole Shipping Sdn Bhd ("Majorole Shipping" or “the Plaintiff”) against the vessel Semua Bahagia (now renamed as JM Sutera 5) (“the Vessel”).

 

Details

 

On 18 October 2018, the Affidavit in support of MGTL’s application to intervene was submitted to the High Court. Case management was held on 1 November 2018 and subsequently the Court granted MGTL’s application to intervene.

 

Upon MGTL’s application to intervene being granted, it had on 30 November 2018 filed an application to set aside Majorole Shipping’s claim. Among others the application sought for :

  1. A declaration that Majorole has no rights against the Vessel and that the arrest was unlawful.
  2. A request for the return of the “Letter of Undertaking” for the “Security for Release of Vessel” amounting to RM975,293.25.
  3. The right to claim for losses pursuant to the wrongful arrest.

Subsequent to this, several Written Arguments and Written Arguments In Reply were filed interspaced with Hearings on 27 February 2019 and 8 April 2019. The Court subsequently decided in MGTL’s favour when it rendered its judgement on 31 May 2019. MGTL now has until 31 July 2019 to file its claim for an assessment of the damages/losses suffered by it pursuant to the wrongful arrest.

 

This announcement is dated 3 June 2019.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 03 Jun 2019
Category General Announcement for PLC
Reference Number GA1-03062019-00060