T7 Global takes legal steps to secure RM22.9mil from VME Process Systems
KUALA LUMPUR: T7 Global Bhd's unit Tanjung Offshore Services Sdn Bhd (TOS), is stepping up efforts to recover RM22.88 million awarded by the court by going after funds owed to VME Process Systems Malaysia Sdn Bhd and its Singapore-based affiliate.
The move comes after the Kuala Lumpur High Court, in a judgment dated July 5, 2024, ruled in favour of TOS in its legal suit against both VME entities.
In an update to Bursa Malaysia, T7 Global said that VME has since appealed the decision to the Court of Appeal. The hearing for the appeal has been scheduled for October 21.
"In the meantime, TOS has initiated garnishee proceedings to enforce the judgment," the company said in a bourse filing today.
TOS filed two garnishee applications, the first on March 19, against Standard Chartered Bank Malaysia Bhd, and the second on June 20, against MTC Engineering Sdn Bhd.
The application against Standard Chartered Bank is premised on the belief that VME maintains a bank account with the financial institution. The hearing has been fixed for August 14.
As for the application against MTC, TOS is seeking to redirect funds owed by MTC to VME pursuant to a separate High Court case, where VME had successfully sued MTC for unpaid invoices totalling over US$25.6 million related to a terminated contract with Sandakan Offshore (M) Sdn Bhd.
The High Court held that MTC's obligation was a direct principal obligation and not a conditional guarantee, making it liable to pay VME directly.
"Based on this, TOS is seeking to recover its judgment sum by way of garnishee proceedings against MTC," the company said.
TOS's is currently awaiting a sealed notice of application and the case management date for the garnishee action against MTC.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
43 minutes ago
- New Straits Times
E-hailing drivers association welcomes govt move to suspend InDrive, Maxim
ALOR STAR: The Northern e-Hailing Drivers Association (NeHDA) has welcomed the government's decision to suspend the operations of two foreign e-hailing companies, Maxim and InDrive, effective July 24. Its chairman Zabidi Bahador said the move by the Transport Ministry and the Land Public Transport Agency (Apad) was a critical step towards upholding regulatory compliance within the e-hailing industry. He said the two companies' failure to adhere to requirements, such as obtaining a Public Service Vehicle (PSV) licence and an E-hailing Vehicle Permit (EVP), had compromised user safety and tarnished the integrity of the local transport sector. "This decisive action ensures a level playing field for local e-hailing providers and helps safeguard drivers' income through more efficient enforcement on e-hailing operators and driver communities," he said in a statement today. Zabidi also warned against any reversal of the directive, saying it would undermine the credibility of enforcement agencies and be unfair to local companies that had complied with existing regulations. "We urge the ministry to remain firm and resist external pressure. Priority must be given to user safety, fairness for local drivers, and upholding the rule of law," he added. He said that NeHDA remains committed to advocating for a fair, safe, and competitive e-hailing ecosystem for all stakeholders. On May 9, Transport Minister Anthony Loke said that Russian-based platforms InDrive and Maxim had been ordered to cease operations in Malaysia by July 24 for violating local transport regulations. The directive followed calls from the Malaysian P-Hailing Delivery Association, which claimed both platforms continued to operate without meeting the requirements of the Land Public Transport Act 2010 (Act 715).
The Star
an hour ago
- The Star
Palantir partners to develop AI software for nuclear construction
FILE PHOTO: Palantir logo is seen in this illustration taken February 16, 2025. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Palantir Technologies on Thursday said it was teaming up with a nuclear deployment company to develop an artificial intelligence-driven software system built for the construction of nuclear reactors. Nuclear energy has garnered renewed interest from investors and companies, as it is considered to be a cleaner source of fuel and more reliable than wind or solar energy. Palantir and Nuclear Company will jointly create the nuclear operating system (NOS), which will simplify construction, allowing the firm to build plants faster and at lower cost. The deal follows U.S. President Donald Trump's executive orders that aimed to boost U.S. nuclear energy production amid a boom in demand from data centers and AI. The orders, signed in May, direct the nation's independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants. Kentucky-based Nuclear Company will pay the data analytics company around $100 million over five years to develop the platform, according to a Palantir spokesperson. The industry is also expected to benefit from Trump's sweeping tax and spending bill, which rolled back many green-energy subsidies but preserved tax credits for nuclear energy. U.S. power consumption is estimated to reach record highs in 2025 and 2026 after stagnating for nearly two decades, as power-hungry data centers dedicated to AI and crypto miners plug into the grid. (Reporting by Juby Babu in Mexico City and Jeffrey Dastin in San Francisco; Editing by Maju Samuel)
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Asian stocks hesitant, dollar slides on Trump's attack on Powell
US President Donald Trump has criticised Jerome Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon. (AP pic) SINGAPORE : Asian stocks stuttered today, while oil prices stabilised and the euro was perched at a 3½-year high as investors weighed geopolitical, economic and fiscal uncertainties as they braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally on Wall Street took a breather overnight.. Tokyo's Nikkei rose 0.9% to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve (Fed) chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched US$1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35% to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. 'I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates,' said Tony Sycamore, market analyst at IG. 'The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD,' Sycamore said. The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10% this year as investors, worried by Trump's tariffs and their on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. 'No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed,' said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. 'We are carefully monitoring fiscal policy across key countries that can affect global interest rates. 'Unsustainable fiscal dynamics can trigger an accident in bond markets,' they said in a note. In commodities, oil prices inched higher to continue recovering after a volatile month so far due to the conflict between longtime rivals Israel and Iran. Brent crude futures rose 0.2% to US$67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28% to US$65.1.
