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Borneo Post
2 days ago
- Business
- Borneo Post
High Court: Petros-Petronas legal hearing to proceed this June 11
Judicial Commissioner Dato Faridz Gohim Abdullah, in delivering his ruling, held that there were no compelling grounds to warrant a postponement or suspension of the case. KUCHING (June 6): The High Court here has reaffirmed that the legal proceedings between state-owned Petroleum Sarawak Berhad (Petros) and national oil corporation Petroliam Nasional Berhad (Petronas) will proceed on June 11. According to a Sarawak Public Communications Unit (Ukas) report, the Court dismissed two applications filed by Petronas seeking an adjournment or stay of proceedings. Judicial Commissioner Dato Faridz Gohim Abdullah, in delivering his ruling, held that there were no compelling grounds to warrant a postponement or suspension of the case. The dispute centres on RM7.95 million received through a bank guarantee, which Petros alleges was wrongfully claimed by Petronas. Petros described the demand for payment as 'unconscionable' and 'unlawful', and seeks a court order restraining Petronas from using the funds. The disagreement traces back to October 2024, when Petronas called on the bank guarantee following a RM28.1 million demand from Petros in relation to gas supplied. Petros subsequently filed legal action against Petronas and applied for an interim injunction to prevent disbursement of the funds. However, the injunction application became academic after Maybank Islamic Bhd proceeded with the payment to Petronas. The report noted this is not the first time Petronas has sought to delay proceedings. In April, a similar application to suspend the lawsuit was dismissed after the Court found no exceptional circumstances to justify such relief. With the Court making it clear that further delays will not be entertained, attention now shifts to the substantive hearing on June 11 at 9am, which is expected to shed further light on the escalating legal dispute between the federal and state-owned energy entities. legal heading Petronas Petros
The Star
26-05-2025
- Business
- The Star
MBSB 1Q net profit up 8.1% to RM84.67mil, new opportunities from MIDF integration
KUALA LUMPUR: MBSB Bhd has posted a higher net profit of RM84.67 million in the first quarter ended March 31, 2025 (1Q FY2025), an 8.1 per cent increase against 1Q FY2024's RM78.34 million, supported by higher net funded income and lower impairment provisions. Revenue was 2.8 per cent lower at RM868.02 million from RM893.45 million previously, the group said in a Bursa Malaysia filing today. "The lower revenue is mainly due to lower profit income for loans, financing and advances. The impairment allowance for the quarter was RM28.1 million, contributed by additional provisioning for retail portfolios,' it said. In a separate statement, MBSB said total gross financing remained consistent at RM42.6 billion because the group had maintained a disciplined financing posture in line with prevailing market dynamics. Meanwhile, its current and savings account ratio improved to 9.26 per cent, with a RM700 million increase in balances over the year, particularly from commercial and corporate clients. Group chief executive officer Rafe Haneef said the integration with MIDF has opened up new capabilities and created opportunities to reach a broader customer base. He said MBSB's priorities for the remainder of 2025 include enhancing small and medium enterprise propositions, expanding digital touchpoints, and improving customer experience. "With transformation initiatives underway, the group remains focused on long-term sustainability and building a more agile, customer-focused organisation,' he added. - Bernama
