KUCHING: The High Court here has granted Hong Leong Bank Bhd’s summary judgment application against Universal Cable (Sarawak) Sdn Bhd, a subsidiary of Sarawak Cable Bhd (SCB), over outstanding loans.
Universal Cable was ordered to pay RM5,000 in costs to Hong Leong Bank following the ruling on March 13.
Hong Leong Islamic Bank Bhd had filed a claim against Universal Cable on April 9, 2024, seeking RM78.3 million under the Hong Leong Term Financing-i.
Hong Leong Bank separately claimed RM14.73 million and RM2.5 million under the Banker’s Acceptance Facility.
SCB, as the corporate guarantor, acknowledged the debt, stating the financial impact would be limited to a marginal difference in the claimed amount and legal costs.
SCB said Universal Cable plans to appeal the ruling in a Bursa Malaysia filing on Friday.
SCB, a PN17 company, has been under interim judicial management since July 9, 2024, following a court-appointed process initiated by Messrs Krish Maniam & Co.
The firm had acted for SCB in several legal matters before its sudden removal from two cases involving Universal Cable and Leader Cable Industry Bhd.
Messrs Krish Maniam had previously assisted SCB in securing a potential investor, Serendib Capital Limited, under a December 2023 memorandum of agreement (MOA) with a monthly retainer of RM6,000.
However, SCB terminated the MOA in May 2024, leading to a dispute over unpaid legal fees totalling RM345,908.
The firm subsequently filed an originating summons to place SCB under judicial management.
SCB announced on February 27, 2025, that Dato Sri Mahmud Abu Bekir Taib, its executive chairman since October 28, 2024, has filed an application to intervene in the judicial management proceedings.
Abu Bekir, who holds a 21.24 per cent stake in SCB as of September 19, 2023, seeks permission to oppose the originating summons and access all court filings related to the case.
SCB has until March 31, 2025, to submit its regularisation plan to regulatory authorities, following a six-month extension granted by Bursa Malaysia Securities Bhd in October 2024.
The company is still formulating the plan, it said in a March 3 announcement.
