Monday, 30 May 2016

Amin Shah and the Singapore-Batam ferry (4)

I have written before about this matter (here, here and here).

I still remember Amin Shah's company placing an add in the newspaper asking for applicants for 50 CEO positions. Or Amin Shah being the proud owner of an Italian ferry. Yes, those were the times .....

Back to the Singapore-Batam ferry, it looks like Affin is involved in this, as the company announced, some snippets:

The Plaintiff [Abu Bakar bin Ismail] claims against ABB [AFFIN Bank Berhad] vide the  above Writ of Summons and Statement of Claim dated 22 January 2016 for the following:-
  1. RM56,885,317.82 together with interest at 5% per annum from 1999 till full settlement as alleged damages; 
  2. SGD9,928,473.75 together with interest at 5% per annum from 2013 till full settlement as alleged losses;
  3. RM776,331.00 being alleged losses of Plaintiffs’ shares in Berlian Ferries Pte. Ltd [the Singapore-Batam ferry operator] which was transferred out as a result of his bankruptcy in 2013 with interest at 5% per annum from 2013 till full settlement as alleged losses;
  4. RM500,000 as cost in respect of legal  proceedings in Singapore.
ABB  had on 25 January 1996 given Suria Barisan (M) Sdn Bhd (“Suria”) a credit facility of RM21.6 million (“Facility”) against security of unquoted shares belongs to Naval Dockyard Sdn Bhd and guarantees by the Plaintiff and Puan Norashikin Binti Abdil [probably: "Abdul"] Latiff (“Guarantor”).

Suria, the Plaintiff and Guarantor (“All”) defaulted in the Facility which led to ABB filing a debt recovery action against All of them in 1999. Judgement was obtained against All on 8 July 2004.                                     

The Plaintiff was made bankrupt on 17 January 2013. However in September 2015, the bankruptcy was set aside on the grounds that he was solvent due to a third party, Chenet Finance Ltd (“Chenet”) being ordered by a Singapore Court to pay damages to the Director General of Insolvency Malaysia (“DGI”) as receiver of Plaintiffs’ Estate. ABB has appealed and Case Management has been fixed on 24 June 2016.

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