Lehman Brothers Commercial Asia hits Tanco with $90.66 million claim

By Caroline Salls

Pittsburgh, Aug. 17 - Lehman Brothers Commercial Corp. Asia Ltd. has filed a $90.66 million counterclaim against Tanco Holdings Bhd and 19 others in connection with a suit filed by Tanco in May 2009 claiming that the parties' facility agreement is illegal, according to a Tanco news release.

Tanco said the facility agreement is illegal, void and unenforceable because it contradicts the Moneylenders Act of 1951.

In addition to the $90.66 million, Lehman is seeking payment of interest and late payment interest under the facility agreement, as well as general damages and costs.

Tanco is a Kuala Lumpur, Malaysia-based investment holding company.

New York-based Lehman Brothers Holdings was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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