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Petronas unit sued for RM260 million over
contraband superbikesAt the heart of the suit is a hoard of
nearly 130 superbikes, the Petronas FP1, and the blueprints,
that
was developed for millions of ringgit but later stored in
Malaysia before being sold to Momoto Sdn
Bhd in a tender exercise in 2011.
A fledgling Malaysian superbike maker has filed a RM260 million
suit against a unit of national oil firm Petronas for
breach of contract in the sale of an ill-fated decade-old racing
motorcycle venture.
At the heart of the suit is a hoard of nearly 130 superbikes,
the Petronas FP1, and the blueprints, that was developed
for millions of ringgit but later stored in Malaysia before
being sold to Momoto Sdn Bhd in a tender exercise in 2011.
Momoto said it discovered that the defendant, Petronas Technical
Services Sdn Bhd, did not have the approved
permits (APs) to bring in superbikes from the United
Kingdom.
Documents sighted by The Malaysian Insider showed that Momoto
discovered that the defendant did not pay
Customs and Excise duty amounting to RM29 million for 129
superbikes.
Momoto, which has a paid-up capital of RM2.5 million, entered
into an agreement with Petronas Technical Services in
March 2011 following which it paid the full purchase price for
129 superbikes and spare parts from the defendant.
Also included in the agreement was the assignment of patent and
industrial designs.
Momoto, which filed the suit at the High Court in Kuala Lumpur
last July, said in its statement of claim its
investigations revealed that Petronas Technical Services had
only registered two such motorcycles with the Road
Transport Department and there were no APs for the two
machines.
Last August, the Customs Department seized 129 motorcycles from
Momoto on grounds that the excise duty was not
paid and there were no APs for the superbikes.
The customs seizure came just after Momoto had entered into a
research and development agreement with a foreign
partner, Suter Racing Technology AG, from Switzerland.
As a result of the breach, the plaintiff said that not only did
its business deal with the Swiss company hit a snag but it
also put its business reputation at stake.
"We took it for granted that Petronas Technical would have
complied with the basic requirement of obtaining the APs
and settled all dues to the government at the point of bringing
the motorcycles into Malaysia," a spokesman for
Momoto told The Malaysian Insider.
Momoto is also facing the possibility of being slapped with
criminal charges for being in possession of contraband
goods for which duty was not paid.
Lawyer Rajinder Singh Veriah, who is representing Momoto in the
suit, confirmed the action was filed and the
documents were sent to Petronas Technical Services.
"They have filed for a stay and for the matter to be referred
for arbitration," he said.
Motorcycle blog www.asphaltandrubber.com reported last year that
the Petronas FP1 superbike had apparently been
mothballed before it was rebranded under the Momoto name when it
debuted as the Momoto MM1 in July 2012.
"With the project scrapped long ago, it seemed the Petronas FP1
dream was resting six-feet-under, until now.
Rebranded under the name Momoto, the Momoto MM1 is the Petronas
FP1 in new clothing," the blog said.
Another site, motorcyclenews.com (MCN) reported in 2010 that it
had discovered a secret hoard of 60 25,000
(RM126,000) Foggy-Petronas FP1 road bikes in a bunker in
Essex.
The site quoted what Carl Fogarty race team manager and
figurehead of the ill-fated FP1 project said when toldthe news:
Youre joking thats amazing! It had been thought and stated by the
team that the bikes were shipped
to Malaysia five years ago and disposed of. But in fact
virtually all the bikes, initially produced for WSB racing, are
still
on UK soil.
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Tue, 22 Oct 2013 03:30:00 GMT | By V. Anbalagan; The Malaysian
Insider
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7/27/2019 Petronas unit sued for RM260 million over contraband
superbikes - MSN Malaysia News
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10/22/13 10:43 PMPetronas unit sued for RM260 million over
contraband superbikes - MSN Malaysia News
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3http://news.malaysia.msn.com/malaysia-news/petronas-unit-sued-for-rm260-million-over-contraband-superbikes
trending today
It said the collection, worth around 2 million (RM10 million),
was "held in a state of suspended animation awaiting,
with the bikes owner Malaysian oil giant Petronas keen to draw a
veil over the whole episode".
"The firm burned 30 million (RM153 million) on a WSB program
that was intended to kick-start a Ducati-sized bike
manufacturing business in Malaysia, but in fact petered out with
a 21st place championship finish in 2006," the site
said, referring to the World Super Bike series.
According to the site, the bikes were manufactured for Petronas
by engineering firm MSX International in Basildon,
Essex, in record time in 2002, around engines designed by
Austrian firm Suter Racing.
"The idea was that the production process would then be
replicated in Malaysia and form the start of a range of higher
and lower-spec bikes running to ten thousand and more. 75 road
bikes were built in Essex, followed by another 75 in
Malaysia six months later, the site reported.
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