5 days ago
- Business
- New Straits Times
Carzo faces RM6mil in default judgments from Maybank Islamic
KUALA LUMPUR: Carzo Holdings Bhd has been hit with two default judgments totalling nearly RM6 million, after Maybank Islamic Bhd initiated legal proceedings against its subsidiaries over unpaid banking facilities.
In a filing with Bursa Malaysia, the group said Carzo Sdn Bhd (CZSB) and Carzo Import Sdn Bhd as well as two Carzo directors as corporate guarantor, were served with Judgments in Default dated June 9, 2025.
The notices, served on Aug 4, also include statutory demands under Section 466(1)(a) of the Companies Act 2016, a prelude to potential winding-up petitions.
For CZSB, the default judgment requires payment of RM759,346.63 as at Nov 30, 2024, plus additional profit charges at 2.5 per cent above the bank's base financing rate, and late payment charges dating back to December 2024.
A separate amount of RM2.8 million is also claimed, subject to further charges under the Islamic Interbank Money Market rate, along with RM5,000 in legal costs.
For Carzo Import, the total claim includes RM364,164.81 and RM2 million, both as at Oct 31, 2024, in addition to late payment charges and RM5,000 in legal costs.
The judgments name Datuk Seri Delon Lee Kean Yip and Cheong Wai Keh as personal guarantors for both subsidiaries, while Carzo listed as the corporate guarantor.
Despite the scale of the claims, the board of directors said there will be "no additional financial impact" from the judgments, nor any disruption to operations.
"The board also wishes to inform that there will be no operational impact arising from the default judgments as the group had ceased its core business for the distribution of fresh fruits and fruit products for the time being since November 2024," it said.
CZSB and Carzo Import were previously involved in the trading, wholesale and processing of fruits, vegetables and related food products.
Carzo said it has sought legal advice on the matter and will make further announcements on any material developments in due course.
