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LY Corp.'s Unit Loses Warehouse Dispute, Appeals Against Decisions

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Ly Corp's (TYO:4689, SGX:1H8) subsidiary, Ly Furniture, filed an appeal to the High Court of Malaysia after the Johor Bahru Sessions Court made a partial ruling against it in a warehouse dispute against Xin Hwa Trading & Transport.

The court has ordered the subsidiary to pay 311,501 ringgit plus interest and costs on a counterclaim filed by Xin Hwa, according to a Wednesday filing with the Singapore Exchange.

The court partially allowed LY Furniture's original claim against Xin Hwa for missing inventory and awarded it 100,000 ringgit with 5% annual interest.

Meanwhile, Xin Hwa's counterclaim for unpaid warehousing fees was allowed to stand in full, with an accrued interest of 1.5% per month, starting from February 2023.

LY Furniture has filed its notice of appeal and is not expecting the case to have a material impact.

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