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MATERIAL LITIGATION STRAITS ENERGY RESOURCES BERHAD ("STRAITS" OR "THE COMPANY") MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04(F) OF THE ACE MARKET LISTING REQUIREMENT HIGH COURT OF MALAYA, KUALA LUMPUR 1) ING BANK N.V 2) O.W. BUNKER FAR EAST (SINGAPORE) PTE LTD VS TUMPUAN MEGAH DEVELOPMENT SDN. BHD. (TMD) - NOTICE OF APPLICATION (APPLICATION TO SET ASIDE THE SEALED ORDER DATED 22 MARCH 2021 AND UNDATED NOTICE OF REGISTRATION OF FOREIGN JUDGMENT)

STRAITS ENERGY RESOURCES BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
STRAITS ENERGY RESOURCES BERHAD ("STRAITS" OR "THE COMPANY")

MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04(F) OF THE ACE MARKET LISTING REQUIREMENT

HIGH COURT OF MALAYA, KUALA LUMPUR

1) ING BANK N.V 
2) O.W. BUNKER FAR EAST (SINGAPORE) PTE LTD 

VS

TUMPUAN MEGAH DEVELOPMENT SDN. BHD. (TMD)

-	NOTICE OF APPLICATION 
(APPLICATION TO SET ASIDE THE SEALED ORDER DATED 22 MARCH 2021 AND UNDATED NOTICE OF REGISTRATION OF FOREIGN JUDGMENT)

We refer to our announcements dated 14 April 2021, 16 April 2021, 28 April 2021 and 4 June 2021 (“Announcements”) in respect of the above.

 

For consistency purposes, the abbreviations and definitions used throughout this announcement are the same as those previously defined in the Announcements.

 

The Board wishes to update that TMD’s Solicitors had informed the Company today that pursuant to an appeal for a trial to determine the four (4) issues between TMD and ING Bank/OWB in aid of TMD’s application to set aside the registration of the UK Judgement in Malaysia (“Application for Trial”); the Court of Appeal had decided to allow the appeal on the following brief grounds:-

 

  • Recognized the availability of the passive remedy to TMD to raise the issue of the UK Tribunal’s lack of jurisdiction for the first time at the enforcing court outside the UK. It was further held that the issue of jurisdiction should be decided by the High Court independently from the UK Tribunal’s finding.

 

  • The Court of Appeal also found that the High Court judge proceeded to decide on the merits of ING Bank / OWB’s application to register UK Judgment in Malaysia. As such, it was ordered that the matter will be remitted to the High Court before a different High Court Judge.

 

  • Cost in the sum of RM 15,000.00 (subject to 4% allocatur) was awarded to TMD.

 

The matter will now proceed for trial at the High Court within the parameters of the 4 issues of the Application for Trial and that the case management at the High Court is scheduled on 5 December 2023.

 

The Company shall continue to make announcement on the material development of the case from time to time accordingly.

 

This announcement is dated 20 November 2023.






Announcement Info

Company Name STRAITS ENERGY RESOURCES BERHAD
Stock Name STRAITS
Date Announced 20 Nov 2023
Category General Announcement for PLC
Reference Number GA1-20112023-00076



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