TNB Wins Appeal Set Aside RM113 Million Lawsuit
The Court of Appeal on July 25, 2013, set aside the High Court’s decision on the claim of RM112,991,421.84 which includes the interest and costs by Irham Niaga Sdn. Bhd. (INSB) and Irham Niaga Logistik Sdn. Bhd. (INLSB) against Tenaga Nasional Berhad (TNB) at a cost of RM200,000.00.
Previously, TNB has paid RM162,632,307.75 (including the calculation of interest of five per cent from April 2004 to January 10, 2013) into the joint account of TNB, INSB and INLSB (‘interest bearing account’) after receiving notice of the claim from INSB and INLSB.
The payment was made on 20 September 2012 following the Kuala Lumpur High Court’s decision, in which the High Court has allowed INSB and INSLB to lift the corporate veil on TNB through arbitrational settlement between INSB and INSLB against TNB Transmission Network Sdn. Bhd. (TNBT) (a wholly-owned subsidiary of TNB) following the termination of the rental agreement by TNBT.
Both INSB and INLSB have one month to apply for leave to appeal to the Federal Court against the decision of the Court of Appeal.
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