Posted on 23 Jan 2025
Malaysian steelmaker Ann Joo Resources has been ordered by the High Court in Malaysia to pay steelmaker Lion Corp's unit Amsteel Mills MYR 11.98 million ($2.7m) in general damages over a supply contract dispute, Kallanish notes.
Ann Joo says in a bourse filing that the lawsuit was against its unit Ann Joo Steel over the alleged wrongful termination of a supply contract and addendum.
Other claims by Amsteel, which were dismissed by the court, including MYR 14.87m for loss of profit, and MYR 885,200 in alternative damages.
"The High Court has not provided its full grounds for its decision. Ann Joo Steel will need to wait for the written grounds of judgment to be published before the firm can determine the exact reasons for the High Court’s decision," says Ann Joo.
Ann Joo Steel has filed an appeal to the Court of Appeal against the High Court’s decision. Amsteel has also appealed against the High Court’s decision in dismissing Amsteel’s claim for unjust enrichment and loss of profits.
Source:Kallanish
