PETALING JAYA: The Kuala Lumpur Excessive Courtroom has ordered TH Heavy Engineering Bhd (THHE) to pay RM288.72 million in damages to its three way partnership associate International Mariner Offshore Companies for refusing to switch its 80% stake in Floatech (L) Ltd to International Mariner.
THHE was additionally ordered to pay RM1.9 million in prices, together with RM800,000, to International Mariner, The Edge reported.
Justice Adlin Abdul Majid on July 21 dominated in favour of International Mariner’s declare that THHE turned bancrupt in 2016. He additionally dismissed THHE’s counterclaim relating to its monetary place and acquisition viability.
International Mariner holds the remaining 20% in Floatech, a Labuan-based firm that owns and leases floating, manufacturing, storage, and offloading (FPSO) vessels to grease and fuel firms.
International Mariner claimed that THHE turned bancrupt in 2016 and was unable to pay its money owed, resulting in 4 winding-up petitions filed by its debtors.
Subsequently, International Mariner issued a default sale discover to purchase over THHE’s stake, which THHE denied in September the identical yr.
In the meantime, THHE claimed that its monetary place worsened as a consequence of International Mariner’s failure to fulfil obligations as a shareholder and the misrepresentation of FPSO Deep Producer 1’s acquisition viability.
The shareholders’ settlement, signed in 2014, stipulated that within the occasion of both associate’s insolvency, the financially distressed associate should supply its stake to the opposite inside 60 days of a default occasion.