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Port Klang Authority faces RM148m lawsuit

Port Klang Authority faces RM148m lawsuit

Kuala Lumpur: Mega-Wan Corporate Services has filed a suit against the Port Klang Authority (PKA) for failing to settle RM148 million in corporate advisory service fees relating to the Port Klang Free Zone (PKFZ), writes news site Bernama.

Mega-Wan wants PKA to settle the payment of RM147,857,886, interest at eight per cent per annum from the date of the invoice sent to PKA on Sept 12 last year, costs and other reliefs deemed fit by the court.

In its statement of claim it said that PKA appointed it as corporate advisor to provide corporate advisory service to PKA and its subsidiaries via a letter of appointment dated Jan 15 2006.

It claimed that it had provided advisory service to PKA since December 2005 and had sent several letters demanding payment but to date no payment had been made.

Under the letter of appointment, besides providing corporate advice, Mega-Wan was also tasked to provide advice and carry out PKA's financial restructuring to facilitate appeals on conditions for loans amounting to RM4.632 billion from the Finance Ministry for the PKFZ project for land purchase and infrastructural development costs, it said.  [04/06/09]