Banking News

Malaysians sue each other over bank deal

Malaysians sue each other over bank deal

(Malaysia) - The dispute over the purchase of Malaysia's Sabah Bank has taken a new turn, with vendor Suria Capital Holdings filing a US$8 million writ in the country's High Court. Suria is suing Alliance Bank's parent, Malaysian Plantations, and claims that Alliance failed to pay an instalment of US$8 million, which was to be the final payment for the sale of Sabah Bank.

Earlier in October, Malaysian Plantations announced it was taking legal action against Suria, demanding that the company determine Sabah Bank's year 2000 financial results.

The deal to sell Sabah included the 2000 result as a component in the sale price. Malaysian Plantations agreed to pay 255.60 million ringgit (US$67 million) plus the net 2000 profit, or minus any loss made the same year.

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