Luminor Financial unit takes action vs KL Petrogas over unpaid debt

The outstanding debt from KLP was approximately RM14.3m.

Luminor Financial Holdings’ subsidiary, SA Puncak Management (SAPM), has initiated enforcement actions against a debtor, KL Petrogas (KLP), over unpaid debts.

In 2023, SAPM extended financing facilities to KLP, which were secured by a debenture executed by KLP, which granted SAPM a charge over assets of KLP in the event of default.

Based on audited financial statements for the financial year 2024, the outstanding debt from KLP was approximately $4.3m (RM14.3m), and the SAPM had recognised an expected credit loss allowance of $2m (RM6.7m).

Following a default by KLP, SAPM appointed receivers to take control of KLP’s charged assets and facilitate the recovery of outstanding amounts.

In response to the ongoing debt recovery process, KLP filed a suit against SAPM, which seeks to set aside the receivership and to claim damages from SAPM.

SAPM strongly believes that the claim is baseless and is an attempt to frustrate legitimate recovery of KLP’s debt. It has obtained legal advice that there is no basis to KLP’s claims.

($1=RM3.3)

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia