Business

Tuesday September 15, 2009

Federal Court rules in Dutaland unit’s favour


KUALA LUMPUR: The Federal Court has ruled in favour of Dutaland Bhd unit UNP Plywood Sdn Bhd in its RM128.67mil civil suit against Sabah Forest Industries Sdn Bhd (SFI).

UNP had on May 6, 1997 filed a writ of summons in the Kota Kinabalu High Court against SFI for a claim of RM128.67mil for losses arising from wrongful termination of two timber extraction and purchase agreements entered into between the parties on June 28, 1993 and Aug 13, 1993 respectively.

The High Court ruled in favour of SFI on Feb 23, 2007 and the claim by UNP dismissed. UNP was later granted leave to appeal to the Federal Court which on Sept 11 ruled in its favour.

In a statement to Bursa Malaysia yesterday, Dutaland said the board “is taking advice from its solicitors on the next course of action.”


DUTALND : [Stock Watch] [News]


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