OTHERS PDZ HOLDINGS BHD. ("PDZH" OR "THE COMPANY") - Arrest of Vessel - PDZ Mewah (Admiralti in Rem No.: WA-27NCC-8-01/2017)


Type Announcement
Subject OTHERS
- Arrest of Vessel - PDZ Mewah 
(Admiralti in Rem No.: WA-27NCC-8-01/2017)
We refer to our announcements dated 25 January 2017, 2 February 2017, 13 February 2017, 15 June 2017, 16 August 2018, 25 October 2018, 5 March 2019, 31 May 2019, 11 October 2019, 4 November 2019, 13 November 2019, 12 December 2019, 12 February 2020, 27 July 2020 and 4 August 2020, of which the abbreviations and definitions used herein shall have the same meanings as defined in the previous announcements.

The Board of Directors of PDZH wishes to announce that the Company has on 16 October 2020, received the sealed order from the Kuala Lumpur High Court awarding Dan-Bunkering (Singapore) Pte Ltd’s claims of RM2,033,300.00 with interest of RM2,754,203.00 with the costs of RM150,000.00 and allocator fee of RM6,000.00 totalling RM4,943,503.00.

During the financial period ended 30 June 2020, the Company has made a provision of RM6,732,000.00 in the unaudited consolidated financial statements.

The claims made are for non-payment of marine fuel oil and/or gas oil, which were supplied to vessels which were previously owned by the former subsidiary of the Company, Perkapalan Dai Zhun Sdn. Bhd.

None of the directors or substantial shareholders of the Company or persons connected to them has any interest, direct or indirect in the aforesaid proceedings.

Messrs. Mohd Latip & Associates, being the solicitors of the Company, are of the view that the Company has a strong arguable case in the Court of Appeal which has been filed. The Court has set aside 9 December 2020 for case management.

The announcement is dated 16 October 2020.

Announcement Info

Stock Name PDZ
Date Announced 16 Oct 2020
Category General Announcement for PLC
Reference Number GA1-16102020-00130