LYSAGHT Galvanized Steel Bhd is suing Hong Kong-based Macsteel International Far East Ltd and local wholesale firm Popeye Resources Sdn Bhd for forging three steel coil contracts.
In a filing with Bursa Malaysia on Jan 15, the low-profile Shah Alam-based galvanised steel products manufacturer said the civil suit was filed before the High Court in Kuala Lumpur on Jan 14.
The suit, according to Lysaght, centred on three steel coil sale contracts dated Jan 17, Feb 18 and Feb 24, 2020 which the company alleged were “forgeries and/or fraudulently prepared”.
“None of the directors and/or major shareholders of the company and/or persons connected with them have any interest, direct or indirect in the suit,” Lysaght pointed out in its stock exchange filing.
“The company will make further announcements on any material development concerning this matter from time to time.”
In its announcement on the subject of material litigation dated Dec 16, Lysaght had noted that Macsteel which had commenced an arbitration against Lysaght with regard to a dispute related to three contracts totalling US$1.56 mil.
Lysaght was served with the notice of arbitration on Dec 15 by the claimant’s solicitor Ince & Co.
“The Notice of Arbitration and Statement of Claim alleges that the claimant is owed a total amount of US$1.56 mil by the company (Lysaght) for goods sold and delivered pursuant to the three alleged contracts for sale of steel coils,” Lysaght pointed out in its Dec 16 Bursa filing.
“The company is denying and refuting all the claimant’s allegations of liability and claims for damages and states that these alleged contracts are forgeries.”
A check shows that Popeye Resources whose business address is in Bandar Bukit Tinggi, Klang is a wholesaler of construction materials as well as a supplier of hardware, plumbing and heating equipment.
Incorporated on April 3, 2018, Popeye Resources has a paid-up share capital of RM790,000 with two shareholders, namely Hoh Seng Kat (one share) and Naveen Kumar A/L Mohana Rajah (789,999 shares or 100% stake in the company).
Meanwhile, Macsteel International Far East is a company founded in 1997 to undertake the marketing of semi-finished metal products, according to Bloomberg.
The company is part of Amsterdam-headquartered Macsteel International Trading Holdings B.V., a major international steel and raw materials trading company operating through four regional hubs in New York, Hong Kong, Dubai (United Arab Emirates) and Melbourne (Australia). – Jan 18, 2021
