Luminor Financial unit takes action vs KL Petrogas over unpaid debt

The outstanding debt from KLP was approximately RM14.3m.

Luminor Financial Holdings’ subsidiary, SA Puncak Management (SAPM), has initiated enforcement actions against a debtor, KL Petrogas (KLP), over unpaid debts.

In 2023, SAPM extended financing facilities to KLP, which were secured by a debenture executed by KLP, which granted SAPM a charge over assets of KLP in the event of default.

Based on audited financial statements for the financial year 2024, the outstanding debt from KLP was approximately $4.3m (RM14.3m), and the SAPM had recognised an expected credit loss allowance of $2m (RM6.7m).

Following a default by KLP, SAPM appointed receivers to take control of KLP’s charged assets and facilitate the recovery of outstanding amounts.

In response to the ongoing debt recovery process, KLP filed a suit against SAPM, which seeks to set aside the receivership and to claim damages from SAPM.

SAPM strongly believes that the claim is baseless and is an attempt to frustrate legitimate recovery of KLP’s debt. It has obtained legal advice that there is no basis to KLP’s claims.

($1=RM3.3)

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