SGX:1H8

2 stories mentioning SGX:1H8Updated 2d ago

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LY Malaysian Unit Gets Garnishee Order Linked to Warehouse Dispute

LY Furniture, a wholly owned subsidiary of LY (SGX:1H8), has been served with a garnishee order by the Sessions Court in Malaysia on Sept. 2, in favor of Xin Hwa Trading & Transport stemming from their warehouse dispute, according to a Tuesday filing with the Singapore bourse.As part of the order, OCBC Bank (Malaysia) has been directed to withhold funds held by the garnishee, on behalf of LY Furniture, of up to 410,000 ringgit, together with interest and costs as may be applicable.

SGX:1H8

Asia90d ago

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

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.

SGX:1H8TYO:4689

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