Tan Chong which went into a joint venture agreement with Nissan Vietnam with the establishment TCIE Vietnam Pte Ltd took a turn when the Malaysian counterpart announced that it had commenced legal proceedings in 2019. However, in its latest Bursa filing, the automotive assembler has now withdrawn the claim.
The company with Tan Chong holding 74% and Nissan the remaining equity, were both in a legal dispute for the repayment of a loan of VND218 billion (equivalent to approximately USD9.4 million) together with interests pursuant to a Loan Agreement dated 5 June 2019. The claim was filed with the People’s Court of Cau Giay District, Ha Noi City, Vietnam.
According to Tan Chong, the company has decided to withdraw the claim as both parties are now engaged in discussions to resolve the matter amicably.
