Court allows Petron to strike out RM109m suit by Konsortium Lord-Saberkat

This article first appeared in The Edge Financial Daily, on April 5, 2019.
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KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd (Petron) has received approval from the Kuala Lumpur High Court to strike out a lawsuit by Konsortium Lord-Saberkat Sdn Bhd (Lord Saberkat), which is suing the group for RM109.18 million.

In a filing, Petron said it had filed an application to strike out the suit, which was heard yesterday.

The High Court allowed Petron’s application to strike out the suit filed by Lord Saberkat with costs, it said.

On Dec 3, 2018, Petron said it was served with a Writ and Statement of Claim from the solicitors of Lord Saberkat, claiming for damages amounting to RM109.18 million, together with general damages, interests and costs over a breach of contract.

In the filing dated Dec 3, Petron said the second suit was filed after the first suit filed in November 2014.

Lord Saberkat had filed a writ against Petron, based on allegations that it had failed to pay Lord Saberkat for its transportation services to Petron for the delivery of fuel to Petron’s service stations in Peninsular Malaysia.

Petron closed one sen or 0.15% higher to RM6.57 yesterday, for a market capitalisation of RM1.77 billion.