Materia Medica Malaysiana

Pharmaniaga unit served with notice of dishonour

Pharmaniaga Bhd unit Safire Pharmaceuticals (M) Sdn Bhd was served with a notice of dishonour by Siemens Financial Services Gmbh claiming for US$12 million (RM45.6 million).

Siemens claimed that it was earlier issued with 10 promissory notes of US$1.2 million (RM4.56 million) each by Safire, which were guaranteed by another Pharmaniaga subsidiary Pharmaniaga Logistics Sdn Bhd.

The promissory notes, however, were dishonoured when they were presented for payment on March 25, said Siemens.

Pharmaniaga said it believed the promissory notes were issued without proper authorisation by the special administrators.

In a statement yesterday, Pharmaniaga said the promissory notes were issued when Safire was placed under the SA who were appointed by Pengurusan Danaharta Nasional Bhd in 2001 and subsequently discharged in 2003.

It said it had investigated the notes and would “unequivocally state that the alleged signatures appearing on the notes and other supporting documents were forged”.

Safire had decided that Siemens’ claim was “without merit nor basis” and had appointed solicitors to defend itself, it added.

Pharmaniaga also said the claim by Siemens would not have any impact on its financial and operational performance.