Monday, June 9, 2008

Masteel ... Dated June 2008

Malaysia Steelworks (KL) Ltd (Masteel) plans to appeal against a Court of Appeal decision that allowed Mukand Ltd’s claim of US$206,639 (RM656,532).

Masteel legal advisor was in the process of submitting its appeal against the decision to the Federal Court within the allowable time frame.

On May 15 2008, the Court of Appeal had ruled Mukand’s claim be allowed and the counterclaim of Masteel be dismissed.

The judgment had given to the plaintiff an amount of US$206,639.95, which represented the balance sale price only and interest at 8% per annum from May 10, 1999 and cost. Masteel said there was no order for the sums of US$91,500 and US$5,000 claimed by Mukand.

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