Yongnam unit receives sealed writ, statement of claim from Malaysian industrial gas supplier

YONGNAM Engineering, a wholly-owned subsidiary of steel fabricator Yongnam Holdings , has received a sealed writ and statement of claim from industrial gas supplier Linde Malaysia, said the company’s judicial managers on Thursday (Jan 11).

According to the judicial managers, they received the sealed writ and statement of claim – both dated Dec 5 – on Dec 14 and Dec 21, 2023, respectively.

Yongnam Holdings had previously received a letter of demand dated Nov 24, 2023 from the solicitors of Linde Malaysia for the sum of RM277,611 (S$79,459) and further interest owing from Yongnam Engineering Sdn Bhd (YESB), in relation to Linde supplying oxygen and carbon dioxide to YESB.

Under the statement of claim, Linde is claiming a sum of RM277,611 from Yongnam Engineering in relation to the former supplying oxygen and carbon dioxide to the subsidiary. It had previously sent a letter of demand to Yongnam Holdings dated Nov 24, 2023 claiming this same sum.

Linde is also claiming interest at the rate of 1 per cent per month on this amount, calculated on a daily basis from Mar 7, 2023 to the date the suit was filed, as well as interest from the date the suit was filed, up to the date of judgment.

Furthermore, Linde is claiming post-judgment interest on the judgment sum – from the total sum of the earlier three claims – at the rate of 1 per cent per month. This is calculated from the date of judgment to the date of full payment, or realisation of the judgment debt.

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It is also claiming costs and such further and/or other relief as the Malaysian court shall deem fit, Yongnam’s judicial managers added.

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