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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.

Marcus Hand, Editor

August 11, 2017

1 Min Read
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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.

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Malaysia

About the Author

Marcus Hand

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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