News:Asia

Nam Cheong hit with $16.4m writ of summons by AmBank

Financially strapped Malaysian offshore player Nam Cheong Ltd (NCL) has been hit with a Writ of Summons by creditor AmBank.

The writ dated 7 August was filed in the High Court of Malaya, in the Malaysian capital Kuala Lumpur, claiming MYR70.4m ($16.4m) against Nam Cheong Dockyard (NCD) under credit facilities granted by the bank, and against NCL as guarantor.

“The company and NCD are currently reviewing the Writ of Summons and seeking legal advice on this matter,” Nam Cheong said.

On 21 June OCBC Bank claimed $10.4m against Nam Cheong in the High Court of Labuan.

Nam Cheong said it continued restructuring discussions with its creditors and major lenders, including AmBank.

Posted 11 August 2017

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Marcus Hand

Editor, Seatrade Maritime News

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