Pestec wins fresh injunction against Speco

KUALA LUMPUR: Pestec International Bhd has secured an ad interim injunction from the Kuala Lumpur High Court against Shandong Power Equipment Co Ltd (Speco).

The interim injunction restrained Speco from enforcing or taking steps to enforce an undated corporate guarantee linked to an ongoing legal dispute.

The order follows an ex parte injunction granted by the court on Sept 2, according to Pestec's bourse filing on Thursday.

Under the latest order, Speco, including its employees, agents and representatives, is restrained from enforcing, executing, demanding or taking any action to enforce the undated corporate guarantee until the inter partes hearing on Oct 9, or until further order of the court.

The parties are also allowed to make any applications they deem necessary before the hearing.

The legal action stems from a civil suit filed by Pestec and its subsidiaries Enersol Co Ltd and Pestec Sdn Bhd at the Kuala Lumpur High Court against, among others, Speco, Shandong Electrical Engineering & Equipment Group Co (SDEE) and certain former members of Pestech's management.

Pestec said it will take further steps to protect its rights and interests regarding a winding-up petition filed by Speco.

The latest court order does not determine the underlying merits of the dispute, with the matter set for an inter partes hearing on Oct 9.

Pestec has been involved in power infrastructure and engineering projects in Malaysia and overseas.

Its business spans transmission and distribution systems, substations and renewable energy-related infrastructure.

Speco and SDEE are Chinese power equipment and engineering companies.