NeraTel disputes claim filed against Malaysian unit over lease agreement

The claimant is seeking $71,168.83 in liquidated damages.

Nera Telecommunications (NeraTel) is disputing a claim by Great One Coconut Products Industries filed against its unit, Nera Malaysia on 6 January.

The claimant, Nera Malaysia’s previous landlord, alleged that Nera Malaysia delayed handing over vacant possession of certain factory premises it had leased after the lease agreement expired.

The claimant is seeking liquidated damages of $71,168.83 (MYR233,709), less the deposit paid by Nera Malaysia, along with interest on the outstanding amount at a rate of 5.00% per annum from the date of judgment until full settlement, as well as solicitor costs and interest on legal fees.

NeraTel will seek to claim and/or counterclaim against the claimant and is currently seeking legal advice and representation against the suit.

The company stated that the suit is not expected to affect its ability to continue business operations or have a material impact on its net tangible assets and earnings per share for FY2025.