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MMM deputy chairman lodges claim against the ailing firm

MMM deputy chairman lodges claim against the ailing firm

Kuala Lumpur: Adding to its financial woes Malaysian Merchant Marine's deputy chairman has lodged a RM1.1m claim against the firm. Dato' Ramesh Rajaratnam, deputy chairman of MMM, is claiming RM1.1m in monies he advanced to the company to meet crew, staff and other expenses. "The claimant has alleged that MMM had failed to pay the claim despite his requests and was informed that the company had insufficient funds to do so," MMM said. The company added it did not have the cashflow to pay the claim. The Malaysian shipowner laid-off all its staff and declared itself insolvent last month after a loan deal linked to expansion plans failed. [05/04/10]

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