Malaysian steelmaker Ann Joo Resources has been ordered by the High Court in Malaysia to pay Lion Corp's unit Amsteel Mills MYR 11.98 million ($2.7 million) in general damages over a supply contract dispute. The lawsuit, filed against Ann Joo Steel, pertained to the alleged wrongful termination of a supply contract and addendum.
Other claims by Amsteel, including MYR 14.87 million for loss of profit and MYR 885,200 in alternative damages, were dismissed by the court. Ann Joo Steel is awaiting the written grounds of judgment to determine the exact reasons for the High Court’s decision.
Ann Joo Steel has filed an appeal to the Court of Appeal against the decision, while Amsteel has also appealed against the dismissal of its claims for unjust enrichment and loss of profits.