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AmBank withdraws legal action against Nam Cheong unit
MALAYSIAN lender AmBank has agreed to withdraw a legal action against a Nam Cheong subsidiary, said the board of the offshore and marine player on Wednesday.
The Nam Cheong Dockyard unit received a writ of summons and statement of claim in Kuala Lumpur's High Court of Malaya in 2017, but the board has now said that the legal action will be taken back, on the successful conclusion of the group's debt restructuring exercise.
AmBank made the withdrawal with no order to costs and with liberty to file afresh, said the board.
It added: "Notwithstanding the terms of the withdrawal, the AmBank claims have been fully restructured under the group's debt restructuring exercise."