Luminor Financial Takes Legal Action Against Debtor Following Default
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Luminor Financial Holdings Limited's subsidiary, SA Puncak Management Sdn Bhd, has initiated legal action against KL Petrogas Sdn Bhd for defaulting on repayment obligations of approximately RM14.3 million. Receivers have been appointed to manage KLP's assets for debt recovery. In retaliation, KLP has filed a lawsuit against SAPM to contest the receivership. Luminor anticipates a credit loss allowance of RM6.7 million and is committed to defending its legal position.
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