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MATERIAL LITIGATION ALAM MARITIM RESOURCES BERHAD (AMRB) KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-22M-2065-12/2023 BETWEEN RHB ISLAMIC BANK BERHAD AND ALAM MARITIM RESOURCES BERHAD

ALAM MARITIM RESOURCES BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ALAM MARITIM RESOURCES BERHAD (AMRB)

KUALA LUMPUR HIGH COURT CIVIL SUIT NO. WA-22M-2065-12/2023
BETWEEN RHB ISLAMIC BANK BERHAD AND ALAM MARITIM RESOURCES BERHAD

The Board of Directors of AMRB wishes to announce that the Company, via its Company Secretary, had on 24 January 2024, received a sealed copy of Judgement in Default of Appearance (“JID”) dated 22 January 2024 from Messrs. Ariff & Co, the solicitors acting for RHB Islamic Bank Berhad (“RHBI”).

 

Pursuant to the JID, the Company is required to pay the Judgement Sum of USD 2,347,280.65 together with the late payment charges (“Al Ta’widh”) prevailing daily overnight Islamic Interbank rate (“IIMM”) per annum on the outstanding amount USD2,222,836.49 from 7 November 2023 until full and settlement and cost of RM1,500.

 

In view that the Company was not aware of the Writ of Summons dated 26 December 2023 against the Company and based on the JID, the Company via its solicitors, Messrs Azhar Yong & Co had on 24 January 2024 filed and served an unsealed Notice of Application to RHBI via its solicitors Messrs. Ariff & Co for, among others:

 

(a) the Judgement In Default of Appearance dated 22 January 2024 be stayed pending disposal of this application; and

 

(b) That the Judgement In Default of Appearance dated 22 January 2024 be set aside.

 

On 29 January 2024, the Company via its solicitors, Messrs Azhar Yong & Co had served the sealed copy of the Notice of Application to RHBI via its solicitors Messrs. Ariff & Co.

 

Details of the claim and circumstances leading to Judgement in Default of Appearance by RHBI

 

RHBI has granted a Commodity Murabahah Term Financing-i amounting to USD2,600,000.00 and a Commodity Murabahah Revolving Credit-i amounting to USD750,000.00 (both refers to “Facilities”) to Alam Maritim (L) Inc. (“AMLI”), a wholly owned subsidiary of the Company. The Facilities were secured by, among others, Specific Debenture against the vessel, WBI Trinity; Deed of Covenant of Mortgage of the vessel WBI Trinity in favour of RHBI; Deed of Assignment of Contract Proceeds and Corporate Guarantee by the Company. 

 

In May 2017, RHBI had issued a Supplemental Letter of Offer, which was accepted by AMLI. Further in August 2018 RHBI and AMLI had entered into a Supplemental Agreement varying the terms of the Facilities under the Debt Restructuring Scheme of the Company.

 

On 12 December 2023, AMLI had received Writ of Summons Suit No.: WA-22M-1792-12/2023 dated 7 December 2023, from Messrs. Ariff & Co, the solicitors acting for RHBI claiming for, among others, the outstanding amount of USD 2,347,280.65 together with the late payment charges (“Al Ta’widh”) prevailing daily overnight Islamic Interbank rate (IIMM) per annum on the outstanding amount USD2,222,836.49 from 6 November 2023 and costs. AMLI had appointed Messrs Azhar Yong & Co to defend AMLI.

 

Under the Company’s proposed Debt Restructuring exercise which had previously been communicated to RHBI, the outstanding amount owing by AMLI to RHBI will be settled via the proposed Debt Restructuring Scheme. 

 

The financial and operational impact of the JID on the Group

 

Save for the amount of USD 2,347,280.65 claimed by RHBI together with together with the late payment charges (“Al Ta’widh”) prevailing daily overnight Islamic Interbank rate (IIMM) per annum on the outstanding amount USD2,222,836.49 from 7 November 2023 until full and settlement and the cost of RM1,500 to be incurred by the Company, the litigation is not expected to have other financial and operational impact to the Group.

 

The Company’s solicitor is of the opinion that the JID can be legally defended and the Company will proceed with its overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors.

 

The Company will make the necessary announcement on further material development of the above matter in due course.

 

This announcement is dated 30 January 2024.






Announcement Info

Company Name ALAM MARITIM RESOURCES BERHAD
Stock Name ALAM
Date Announced 30 Jan 2024
Category General Announcement for PLC
Reference Number GA1-30012024-00052



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