JUDGMENT

Su Geok Yiam JC:

This is an appeal against my decision dismissing the plaintiff's application videa summons in chambers (enc. 13) for a Mareva injunction to restrain the defendant from removing out of the jurisdiction of the court or disposing within the jurisdiction of the court its assets exceeding the sum of RM12,099,825.17.

Facts And Background

The plaintiff and the defendant are both private limited companies incorporated in Malaysia under the Companies Act 1965. The plaintiff is also the registered owner of a vessel known as "Pera Ranger" ("the Vessel"). The registered address of the plaintiff is at Unit 20-03, 20th Floor, Menara Promet, Jalan Sultan Ismail, 50250 Kuala Lumpur. The registered address of the defendant is at No. 21 and 23 (Ground Floor), Jalan Hussein, 30250 lpoh, Perak.

On 14 February 1997, Perak Freight Services Sdn Bhd ("PFS"), a private limited company also incorporated in Malaysia, entered into a Time Charter ("the Time Charter") with two other private limited companies, Perak Meat Industries Sdn Bhd, a local company ("PMI") and Exportlink Pty Ltd of Perth, W.A., a foreign company ("EPL"), both subsidiary companies of the defendant, whereby the fo