OCBC Bank commences action against Nam Cheong unitCompany News // June 21, 2017
The Straits Times newspaper reports that OCBC Bank has commenced legal action against a unit of offshore marine group Nam Cheong over US$10 million owed to the bank.
On 19 June, Nam Cheong International (NCIL) received a Writ of Summons and statement of claims by OCBC Bank in the High Court of Labuan in Malaysia.
OCBC Bank is claiming against its subsidiary as borrower under a credit facility granted by the bank, and against Nam Cheong as guarantor of the loan.
The Straits Times said the amount allegedly being owed to OCBC Bank was about US$10 million as at the end of April 2017.