Yongnam unit ordered to pay over RM190,000 to security firm in default judgement

YONGNAM Engineering, a wholly owned subsidiary of steel fabricator Yongnam Holdings , has been ordered by the Malaysian court to pay RM190,523.60 (S$54,035.67) to security firm Secure Guards.

The amount includes the sum owed to Secure Guards of RM188,432.49, interest on the amount owed at a rate of 5 per cent per annum, and costs of RM1,291, the company’s judicial managers said in a regulatory filing on Tuesday (Jan 30).

Yongnam Engineering was also hit with a separate letter of demand in relation to the outstanding sum stated in the default judgement by the Malaysian court.

The letter stated that the total interest owed amounted to RM800.11, as calculated from Dec 6, 2023 – the date of the default judgement – to Jan 5, 2024, when the letter of demand was issued.

It also stated that Secure Guards would commence execution proceedings against Yongnam Engineering should it fail to pay the sum owed and adhere to the other terms of the default judgement by Jan 10.

The judicial managers said that, as of Tuesday, Yongnam Engineering has yet to pay the sum owed.

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Trading of Yongnam Holding’s shares has been suspended since Nov 24, 2022.