KUALA LUMPUR (Aug 6): Carzo Holdings Bhd (KL:CARZO) on Wednesday said another judgement in default has been obtained against the LEAP Market-listed fruit supplier, this time by RHB Bank Bhd over an unpaid sum of up to RM1.77 million.
A day ago, Carzo said the High Court had granted Maybank Islamic Bhd two default judgements against the company over unpaid banking facilities totalling RM6 million.
A judgement in default is a judgement given against a defendant when they fail to enter an appearance in the case within the specified timeframe.
The latest default judgement was secured against wholly owned subsidiary Carzo Import Sdn Bhd, along with Carzo managing director Datuk Seri Delon Lee Kean Yip as personal guarantor and Carzo itself as corporate guarantor, according to a bourse filing.
The sum sought includes a principal amount of RM1.77 million (as at March 3, 2025), interest at 3.5% per annum plus base lending rate, calculated daily from March 4, until full settlement, and legal costs of RM5,000.
RHB had initiated the legal action after Carzo allegedly breached the terms and conditions of its loan with the bank and failed to remedy the default. The bank subsequently terminated the facility and demanded immediate repayment of the total outstanding debt.
Carzo said there would be “no additional financial impact” from this latest judgment as its core business of fresh fruit distribution has been suspended since November 2024. The company said it has sought legal advice.
Shares in Carzo were last traded on March 17, when it closed at 39.5 sen, valuing the company at RM37.7 million.