ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Nikkei Markets

Malaysia's Boustead Heavy Industries Gets Government Letter Seeking Damages

By Alexander Winifred
Nikkei Markets
KUALA LUMPUR (Jul 11) -- Malaysia's Boustead Heavy Industries Corp said Tuesday it has received a letter from the Ministry of Defence claiming damages amounting to 53.2 million ringgit ($12.38 million) and 19.3 million euros ($21.99 million) due to breach of contractual obligations by its 60%-owned unit.

Boustead Heavy Industries' board "is in the opinion" that Boustead DCNS Naval Corp "has adequate basis to defend and to appeal against the Claim," it said in a filing.

The claims relate to alleged breach of obligations under the in-service support for the Royal Malaysian Navy SCORPENE Submarines Contract.

The claim is expected to have a material financial and operational impact on the group for the 2017 financial year, it added.
- By Alexander Winifred; Alexander.Winifred@nikkeinewsrise.com; +60320267363
- Edited By Shreejay Sinha
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media