Chan Sek Keong J

This is an application by Pei Huat Pte Ltd ('PH') and Peck Chuan Development Pte Ltd ('PC') ('the subsidiaries'), the wholly-owned subsidiaries of Peck Seng Co Pte Ltd ('PS') who are the plaintiffs in these consolidated actions, for, inter alia, an order to set aside a Mareva injunction obtained ex parte by Lomania Ltd ('Lomania'), the third defendants, on 14 March 1989 in the following terms:

Pek Seng Co (Pte) Ltd whether by itself its directors its officers subsidiary companies servants or agents or otherwise howsoever be restrained from removing from the jurisdiction of this court charging selling dealing with transferring diminishing or in any other way whatsoever disposing of its assets of whatever description within the jurisdiction of this court or the assets of whatever description within the jurisdiction of this court of Pek Chuan Development Pte Ltd or of any other subsidiary company which is within the power of Pek Seng Co (Pte) Ltd or of any of its directors servants or agents to control, save and in so far as the value of the same unencumbered exceeds the sum of $5,793,275.55 until after the determination of Lomania Ltd's notice for further directions