FGV Holdings Bhd’s wholly owned subsidiary, FGV Trading Sdn Bhd, has commenced arbitration proceedings in Singapore against TM Line SA, Panama, the registered owner of the vessel MT Global Uranus.

FGV said it is pursuing the TM Line arbitration concurrently with the arbitration involving GMS Line Co Ltd, also in Singapore, announced on November 18.

“This is a protective measure, pending determination of the identity of the party responsible for the misdelivery of the cargo, pursuant to the relevant contracts of carriage,” it said in a filing with Bursa Malaysia today.

FGV is claiming US$7,822,272.35, or about RM32.6 million, from GMS Line for the misdelivery of 11,764.797 tonnes of processed palm oil, plus a monthly interest of 1.5% from the date of payment due to the date of final and full realisation thereof and costs.

The TM Line arbitration is not expected to have an operational impact on FGV or FGV Trading. – Bernama, December 10, 2018.