‘It has fallen down the stairs. The lawsuit has failed to be paid as well. '
Attempts by Barakah Offshore Petroleum Bhd and its subsidiary, PBJV Group Bhd to sue Petroliam Nasional Bhd (Petronas) and its exploration arm Petronas Carigali Sdn Bhd, found failure based on the High Court decision.
The court decision delivered by Judge Datuk Aliza Sulaiman in a proceeding held virtually dated March 31 stated that under the Petroleum Development Act (PDA) 1974, Petronas has the power to suspend any license without prior notice.
The decision also revealed that there was no abuse of power by Petronas in the issue of suspension of PBJV license under the PDA act, apart from also ordering the payment of RM400,000 by Barakah to Petronas and Petronas Carigali.
Following the record, Barakah had previously demanded compensation of RM1.02 billion from Petronas and Petronas Carigali for alleged suspension without notice against him in August 2019.
The amount of compensation sought was made based on the loss of future term profits, reputation and market share price as a result of the 3 -year suspension notice issued by Petronas on July 8 against the PBJV license.
Barakah said the notice was issued after the completion of Petronas Carigali's underwater services contract and was issued by Petronas on the grounds of PBJV's poor performance report.
As of noon today, Barakah shares were trading weaker at 0.055 sen with a market capitalization of RM46.57 million.
