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Is Petronas losing BIG MONEY over The Prince Court Medical Centre?
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First, it was reported to be losing money over a private medical centre in Kuala Lumpur. Now, a Petronas unit is sued for, of all things, breach of contract in the sale of an ill-fated decade-old racing motorcycle venture.
It is Momoto Sdn that is the plaintif.
Momoto MM1 – Bringing the Petronas FP1 Dream Backwww.asphaltandrubber.com …
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Malaysian Insider
Petronas confirms legal suit against subsidiary
November 27, 2013
Petronas today confirmed that Momoto Sdn Bhd filed a law suit against its subsidiary, Petronas Technical Services Sdn Bhd, in the Kuala Lumpur High Court on July 29, 2013.
As the dispute is pending before the courts, Petronas expects all parties to respect the legal process and allow the process to follow its due course.
“Statements made on the merits of the ongoing legal suit are inappropriate and will have legal consequences,” Petronas said in a statement.
It added that the national oil corporation and Petronas Technical Services reserved all rights, including that of taking necessary legal action, against any party making any inaccurate, prejudicial or defamatory statements on the dispute. – Bernama, November 27, 2013.
Petronas confirms legal suit against subsidiary
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Media Releases – 2013
MOMOTO’S LEGAL SUIT AGAINST PETRONAS TECHNICAL SERVICES SDN BHD
29 October 2013
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Petronas confirms Momoto RM260m legal suit – The Edge Malaysia
Oct 29, 2013 – “Petronas confirms that a law suit was filed by Momoto against Petronas Technical Services Sdn Bhd in the Kuala Lumpur High Court on 29 …
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Malaysian Insider
Petronas unit sued for RM260 million over “contraband” superbikes
Y V. ANBALAGAN, ASSISTANT NEWS EDITOR
October 22, 2013
A fledgling Malaysian superbike maker has filed a RM260 million suit against a unit of national oil firm Petronas for breach of contract in the sale of an ill-fated decade-old racing motorcycle venture
At the heart of the suit is a hoard of nearly 130 superbikes, the Petronas FP1, and the blueprints, that was developed for millions of ringgit but later stored in Malaysia before being sold to Momoto Sdn Bhd in a tender exercise in 2011.
Momoto said it discovered that the defendant, Petronas Technical Services Sdn Bhd, did not have the approved permits (APs) to bring in superbikes from the United Kingdom.
SUMMARY OF THE ARTICLE
1 Momoto discovered that the defendant did not pay Customs and Excise duty amounting to RM29 million for 129 superbikes.
2 Momoto entered into an agreement with Petronas Technical Services in March 2011 following which it paid the full purchase price for 129 superbikes and spare parts.
2 Petronas Technical Services had only registered two such motorcycles with the Road Transport Department and there were no APs for the two machines.
4 The customs seizure came just after Momoto had entered into a research and development agreement with a foreign partner, Suter Racing Technology AG, from Switzerland.
For more, click on
http://www.themalaysianinsider.com/malaysia/article/petronas-unit-sued-for-rm260-million-over-contraband-superbikes
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Asphalt & Rubber
Remember the Petronas FP1? Sure you do. It was the fire-breathing three-cylinder rolling piece of sex-on-wheels whose teal livery rode to the podium twice in the 2004 World Superbike Championship.
Though the 900cc triple was campaigned by Carl Fogarty and ridden by Troy Corser with some early success, the move to 1,000cc for all motors in WSBK diminished the team’s chance of winning with its homologation special. Spearheaded by the Malaysian petroleum company Petronas, the project was ultimately abandoned in 2006.
Said to have built 150 units to meet homologation requirements (100 of which were available for purchase), the actuality of that number varies depending on whether or not you believe the rumors about shipping containers from England to Malaysia and double-counting.
With the project scrapped long ago, it seemed the Petronas FP1 dream was resting six-feet-under, until now. Rebranded under the name Momoto, the Momoto MM1 is the Petronas FP1 in new clothing. Said to be once again available for public consumption, our details and information on the bike are sadly very sparse. Though we do have a bevy of media waiting for you after the jump.
Momoto MM1 – Bringing the Petronas FP1 Dream Back
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weehingthong 