LY Furniture, a wholly owned subsidiary of LY (SGX:1H8), has been served with a garnishee order by the Sessions Court in Malaysia on Sept. 2, in favor of Xin Hwa Trading & Transport stemming from their warehouse dispute, according to a Tuesday filing with the Singapore bourse.
As part of the order, OCBC Bank (Malaysia) has been directed to withhold funds held by the garnishee, on behalf of LY Furniture, of up to 410,000 ringgit, together with interest and costs as may be applicable.
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