<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 12): MMC Corp Bhd's Algerian unit is facing legal action for alleged breach of foreign exchange (forex) regulations involving US$26.99 million (RM90 million).</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;In a statement to Bursa Malaysia today, MMC said the legal action for the forex case involved its 18.2%-owned unit Almiyah Attilemcania SPA (AAS), which undertakes sea water desalination operations in Algeria.</p></div>

<div class=newsTextDataWrapInner><p>"AAS has been advised by its solicitors that it has a good chance of success in respect of the legal proceedings.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"MMC would be in a better position to ascertain the full financial impact, if any, of the legal proceedings upon receipt of a more definitive opinion from AAS’ solicitors as the impact could not be reliably ascertained at this juncture," MMC said.</p></div>

<div class=newsTextDataWrapInner><p>MMC said the Court of Ghazouet in the district of Tlemcen had decided to hear the case today. Solicitors Maitre Ahcene Bouskia is representing MMC.</p></div>

<div class=newsTextDataWrapInner><p>MMC said its effective 18.2% stake in AAS is held via Malakoff Corp Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Malakoff Corp is a 51%-owned subsidiary of MMC, which is controlled by Malaysian tycoon<br />
Tan Sri Syed Mokhtar Al-Bukhary.</p></div>

<div class=newsTextDataWrapInner><p>At 12.30pm, MMC shares fell one sen or 0.4% to RM2.44 for a market capitalisation of RM7.43 billion.</p></div>

<div class=newsTextDataWrapInner><p>The stock had declined 15% this year, underperforming the FBM KLCI's 2.48% fall.</p></div>


KUALA LUMPUR (Nov 12): MMC Corp Bhd's Algerian unit is facing legal action for alleged breach of foreign exchange (forex) regulations involving US$26.99 million (RM90 million).

 In a statement to Bursa Malaysia today, MMC said the legal action for the forex case involved its 18.2%-...

MMC's Algerian unit faces legal action for alleged forex rule breach

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