Sumatec stands to lose up to RM53mil in court case

  • Corporate News
  • Tuesday, 07 Jun 2016

KUALA LUMPUR: Sumatec Resources Bhd stands to lose up to US$13.064mil (RM52.97mil) as the corporate guarantor for former subsidiary Semua Chemical Shipping Sdn Bhd.

A winding-up petition was served on the company by NFC Labuan Shipleasing I Ltd, to be heard at the High Court on July 28. The petitioner had leased two chemical ships, Semua Perdana and Semua Perkasa, to Semua Chemical Shipping in February 2008 but it terminated the lease in May 2014.

NFC Labuan has now claimed for various payments under the Perdana and Perkasa bareboat charter agreements amounting to US$6.377mil and US$6.687mil respectively.

On April 5, NFC Labuan issued a letter of demand, asking the company to settle the debt within 21 days. Sumatec is contesting the full amount claimed.

Sumatec expects to share the claim settlement with Semua Shipping Sdn Bhd (SSSB) -- a sister company of Semua Chemical Shipping which has also issued a corporate guarantee to the petitioner -- in the event Semua Chemical Shipping is not successful in defending the claim and subsequently unable to settle the claim. 

The company, however, has not started any discussion on this with SSSB.
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