KUALA LUMPUR (July 18): T7 Global Bhd's (KL:T7GLOBAL) said the High Court has ruled in favour of its wholly owned unit Tanjung Offshore Services Sdn Bhd in its dispute with consortium partner VME Process Systems Malaysia Sdn Bhd.

The High Court ruled that the joint settlement agreement and the intellectual property protection agreement signed by both parties on Sept 23, 2020 were null and void, T7 said in an exchange filing. VME was also ordered to refund the RM22.88 million, or US$5.5 million as per the statement of claim, to Tanjung Offshore.

The latest and past disclosures related to the ventures did not clearly state the purpose of the initial payment.

Further, VME has to pay costs of RM150,000 to Tanjung Offshore. VME has also been ordered to publish a full apology for the defamatory statements made against to Tanjung Offshore in three daily newspapers no later than 30 days from the date of the judgement.

T7 Global, however, did not specify the defamatory statements made by VME against Tanjung Offshore.

Tanjung Offshore had, in its statement of claim dated Sept 8, 2021, contended that VME had failed to fulfil the terms stated in the joint settlement agreement even though it had done its part under the agreement.

T7 Global also did not explain the terms that were not fulfilled.

The consortium between Tanjung Offshore and VME had in February 2020 secured a project from Petronas Carigali Sdn Bhd to provide a mobile offshore production unit for the Bayan Redevelopment Project Gas Phase 2.

At 3.55pm, shares of T7 Global were up one sen or 2.04% at 50 sen with a market capitalisation of RM404.87 million. Year to date, the counter has gained over 16%.