Public Bank drops lawsuit against Magma Group


KUALA LUMPUR: Magma Group Bhd has announced that the court had granted permission for Public Bank Bhd to withdraw suit against the defendants, which includes its wholly-owned subsidiary, Astaka Mekar Sdn Bhd.

“This withdrawal is executed with the liberty to file afresh and without any order as to costs, marking a pivotal moment for the company,” Magma said in a statement.

The suit, originally filed by Public Bank against Magma’s subsidiaries and associated parties, stemmed from disputes regarding the settlement of outstanding sums under various term loan facilities and overdraft facilities.

The plaintiff had sought substantial repayments, including accrued interest, from the defendants under these facilities.

“In the positive turn of events, the court had allowed for a withdrawal of the suit, signals a hopeful stride for Magma. It offers an avenue for the company to recalibrate its focus and strategies for future opportunities, untethered from the constraints of this protracted legal battle,” it said.

Managing director Datuk Seri Thomas Liang Chee Fong said the decision marked a “watershed moment” for Magma, allowing it to start afresh, leaving behind the challenges the company faced in the legal arena.

“Our focus now shifts to harnessing new opportunities and reinforcing our commitment to sustainable business growth. We are optimistic about the future and are poised to explore new avenues that align with our strategic objectives.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Ringgit retreats to end marginally lower against US$
WCT unit bags expressway lane expansion contract worth RM249.74mil
Fire incident at Hextar Healthcare's Bercham factory
SIDC launches new certification programme in sustainable responsible investment
Hengyuan announces unplanned shutdown of LRCCU unit
Exim Bank, ICBC Malaysia ink MoU to jointly promote use of Chinese yuan
Neston unit bags RM21mil contract for EPCC of Sungai Selangor solar plant
Genting units ink US$1bil EPCC contract with Wison New Energies for FLNG facility
Genting unit acquires 49% stake in Zhejiang gas-fired power plant
Elite Material Co Ltd invests RM900mil in Penang manufacturing facility

Others Also Read