KUALA LUMPUR, March 15 (Bernama) -- Bank Muamalat Malaysia Berhad (“Bank Muamalat’) would like to clarify with reference to the Press Release issued by Majlis Agama Islam Selangor (“MAIS”) which appeared in The Star dated 10/3/2017 and the local media.
The lawsuit in reference is with respect to the legal action taken by MAIS and Kolej Universiti Islam Selangor (KUIS) against Redha Resources Sdn Bhd (“RRSB”) as First Defendant and Bank Muamalat as Second Defendant. This lawsuit relates to a Syndicated Financing amounting to RM125.8 million providing by Bank Muamalat and two other financial institutions. The plaintiff intended to annul the Concession Agreement and consequently the Payment Guarantee given to Bank Muamalat and 2 other financial institutions. The hearing has concluded and it is pending decision by the High Court of Shah Alam.
In the meantime, Bank Muamalat has initiated legal action against RRSB and its guarantors. The judgement against RRSB and the guarantors has been obtained. The execution proceedings against the guarantors are still ongoing.
Bank Muamalat has not initiated any legal action against MAIS and/or KUIS in respect of the Payment Guarantee provided by MAIS and KUIS. We will act in the best interest of the Bank to recover the amounts due. Bank Muamalat’s rights against MAIS and KUIS are reserved.
Bank Muamalat is unable to comment further as it may be subjudice the lawsuits ongoing and forthcoming.
http://mrem.bernama.com/viewsm.php?idm=28690
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