PETALING JAYA: Tan Chong Motors Holdings Bhd’s wholly-owned subsidiary, TCIE Vietnam Pte Ltd has filed a claim against Nissan Vietnam Co Ltd with the People’s Court in Hanoi, Vietnam for the repayment of a US$9.4 million (RM39.38 million) loan and interest.
Nissan Vietnam is a joint venture company between Tan Chong’s wholly-owned subsidiary ETCM (V) Pte Ltd and Nissan Motor Co Ltd, with each holding a 74% and 26% stake respectively in the company.
Tan Chong said the loan was extended as working capital to Nissan Vietnam and was subsequently disbursed to the joint venture company.
“On Aug 15, 2019 Tan Chong had issued a letter of demand to Nissan Vietnam for the immediate repayment of the loan together with incurred interests,” it said.
Nissan Vietnam failed to make the payment of the loan along with the incurred interest.