Further to the announcements dated 19 October 2018, 3 June 2019 and 2 July 2019 by Marine & General Berhad ("M&G" or "the Company"), the Board of Directors of M&G wish to announce that on 23 February 2021, the Court of Appeal substantially reversed the decision of the High Court and decided in favour of Majorole Shipping Sdn Bhd ("Majorole" or “the Plaintiff”) against the Company’s wholly-owned subsidiary, M&G Tankers (L) Pte. Ltd. (“MGTL”). MGTL was instructed to pay Majorole the sum being held as security deposit by its solicitors and legal costs of RM25,000.

MGTL filed an application for leave to appeal against the Court of Appeal’s decision on 23 March 2021, to the Federal Court. The Federal Court, on 4 August 2021 dismissed MGTL’s application for leave to appeal, and ordered MGTL to pay Majorole legal costs of RM30,000.00, giving effect to the Court of Appeal’s decision.

Subsequent to this, on 4 September 2021, MGTL has paid the Plaintiff the full and final settlement of their claim of RM1,042,775.00, out of the stakeholder fund established for the purpose.

This announcement is dated 9 September 2021.