Barakah Offshore drops legal action against Petronas

KUALA LUMPUR (May 8): Barakah Offshore Petroleum Bhd has decided to discontinue its legal action against Petroliam Nasional Bhd (Petronas) for suspending its wholly-owned unit’s licence to bid for new projects from the national oil company in 2019.

Barakah also drops the legal action against former Petronas president-cum-chief executive officer (CEO) Tan Sri Wan Zulkiflee Wan Arifin, current president and Group CEO Datuk Tengku Muhammad Taufik Tengku Aziz and six defendants, including Petronas chief financial officer Liza Mustapha as defendants, according to its filing on Monday (May 8).

Other defendants included Shamsudin Miskon, Nasrin Amir, Noor Mohamad Taj, Freida Amat and Shaliza Abdul Malik.

“The company wishes to announce that the company has decided to discontinue its legal action against all the defendants in the said Kuala Lumpur High Court civil suit,” it said.

As such, the suit filed in the Kuala Lumpur High Court against all the defendants has been discontinued or withdrawn with immediate effect, it noted.

Meanwhile, it said that the financial impact on the withdrawal or discontinuance of the civil suit is confined only to legal costs.

“There is no potential liability and operational impact on the company,” it added.

In September last year, the oil and gas company filed a lawsuit against Petronas together with the six individuals named above, for suspending its wholly owned subsidiary, PBJV Group Sdn Bhd’s (PBJV) licence to bid for new projects from Petronas in 2019.

Barakah was seeking a mandatory injunction for the suspension of licence to be lifted, damages for misfeasance in public office, and damages for unlawful interference in trade or business.

Previously, on Sept 29 last year, it also withdrew its appeal against the High Court decision dismissing its earlier RM1.02 billion claim against Petronas and its unit Petronas Carigali Sdn Bhd at the High Court on March 31, 2022.

Barakah had demanded RM1.02 billion as compensation from Petronas and Petronas Carigali over what it claimed to be an unwarranted suspension notice.

Shares of Barakah closed half a sen or 10% higher at 5.5 sen on Monday, valuing the group at RM55.16 million.