Maybank Islamic takes legal action against R&A over RM30.54m loan

PETALING JAYA: R&A Telecommunication Group Bhd's major subsidiary, R&A Telecommunication Sdn Bhd (RASB), has been served a writ and a statement of claim by Maybank Islamic Bhd for defaulting a loan payment of RM30.54 million.
In a stock exchange filing last Friday, R&A said it plans to address the issue via a regularisation plan. "Among the steps to be taken is the renegotiation on the settlement of the loan with Maybank," it said.
The writ and the statement of claim, served on Oct 13, were dated Sept 30 and Sept 29 respectively, and both were served on RASB vide Messrs Lee Hishammuddin Allen & Gledhill.
"The filing of the writ and statement of claim is a result of RASB failing to settle the outstanding amount of RM30.54 million being the outstanding amount for various Islamic financing facilities granted by the plaintiff including murabahah cashlines and Islamic tradeliness facilities," R&A said.
"The financial of operational impact of the writ and statement of claim on the group will be severe," it said, adding that it will severely impact the group's cash position.
R&A, a wireless industry solution provider, triggered the Guidance Note 3 (GN3) of the ACE Market Listing Requirements of Bursa Malaysia Securities Bhd in May this year. The GN3 criteria was triggered when the auditors expressed a disclaimer opinion in the company's latest audited financial statements for financial year ended Dec 31, 2014 which was announced on April 30, 2015.