Air Maldives Ltd has filed and served a defence and counterclaim amounting to US$43.62mil (RM140mil) against Malaysian Airline System Bhd (MAS) over a management agreement signed in 1996.
MAS told Bursa Malaysia on Tuesday the countersuit was related to legal action it had taken against Air Maldives on Aug 8 last year. It had then filed an affidavit in the Kuala Lumpur High Court against Air Maldives, claiming US$35.55mil.
The Malaysian carrier had received a letter from the International Court of Arbitration, Paris over Air Maldives’ allegations that it failed to perform its duties under the management agreement signed on Jan 16, 1996.
The notice of arbitration referred to a memorandum of understanding dated July 29, 1994 between the Maldives Government and the then Malaysian Helicopter Services Bhd (MHS).
Also in dispute was a shareholders agreement dated Oct 1, 1994 between the Maldives Government and MHS and a management agreement between Air Maldives and MAS on Jan 16, 1996.
Source: thestar.com.my
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