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HIGH COURT MALAYA KUALA LUMPUR
MULIAR OLEG & ANOR – Appellant
Versus
THE OWNERS AND/OR PERSONS IN POSSESSION OR CONTROL OF THE SHIP ORIENTAL DRAGO.... – Respondent
| Table of Content |
|---|
| 1. currency conversion rate impact on claims. (Para 1 , 2 , 3 , 4) |
| 2. claims against the vessel and their details. (Para 5 , 6 , 7 , 8 , 9 , 10) |
| 3. chronology of actions taken in the case. (Para 11 , 12 , 13 , 14) |
| 4. determination of priorities and payment out order. (Para 24 , 25 , 29 , 30 , 31 , 32) |
| 5. payment out requests and correspondence. (Para 33 , 34 , 35 , 36) |
| 6. court's observations on functus officio. (Para 57 , 58 , 59 , 60) |
| 7. jurisdiction to pronounce judgment in foreign currency. (Para 67 , 68 , 69 , 70) |
| 8. final orders and conclusions of the court. (Para 143) |
Introduction
[1] The equivalent value of our Ringgit Malaysia ("RM") to the United States Dollar ("USD) as at 20 April 2021, was RM4.123. However, by 21 August 2023, the value of RM had plunged to RM4.79 to USD1.00.
[2] The steep fluctuation in the value of RM has given rise in the present case to a dispute as to the proper date for the conversion of the equivalent in RM of claims made in foreign currencies, in particular, claims made in USD currency by the Plaintiffs in the Action in Rem Suit WA-27NCC-11-02/2021 and Action in Rem Suit WA-27NCC-21-04/2021.
[3] This judgment explores the pri
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