THHE: Premature to speculate on outcome of petitions

PETALING JAYA: TH Heavy Engineering Bhd (THHE), which was served with winding up petitions last week, is working closely with relevant stakeholders to ensure the completion and delivery of the FPSO Layang project.
“At this juncture, THHE is still operational and has sought legal advice with a view to striking out/defeating the winding up petitions. Therefore, it is premature to speculate on the outcome of these initiatives as claimed by certain quarters in the social media,” it said in a statement yesterday.
Last Tuesday, THHE was served with winding up petitions by creditors of the company in relation to the FPSO Layang project.
The two winding up petitions were presented by MIB Italiana Spa and Orwell Offshore Ltd with claims for US$1.27 million (RM5.1 million) and US$7.61 million (RM30.4 million) respectively.
Pandan MP Rafizi Ramli said that Malaysia’s pilgrimage fund board, Lembaga Tabung Haji (TH) is exposed to RM554 million losses due to its involvement in THHE.
Rafizi said in a statement yesterday that he had previously warned of the bad long term prospects for TH’s investment in THHE, considering THHE’s weak financial performance which will be exacerbated by global oil price that continues to remain low.
He also urged TH to retract a police report that was lodged against him. TH had in February lodged a police report against Rafizi over his allegation that TH had given corporate guarantee to THHE.