Philippine press: Zim containers seized following lawsuit

Zim's former local agent, Overseas Freighters Shipping, filed a damages suit and the court seized 575 containers valued at 9 Million Euro
 
Philippine press reported last week that a court in Manila had ordered the seizure of shipping containers belonging to Zim Integrated Shipping Services ltd.
 
The court decision was taken after Zim's former local agent, Overseas Freighters Shipping, filed a damages suit.
 
The agent is said to be suing Zim Integrated Shipping Services Ltd for about 2.4 million Euro, and the containers are worth an estimated 9 million Euro.
 
Overseas contends that Zim Integrated Shipping Services Ltd is in breach of contract for terminating the 30-year business relationship between the two companies, after Overseas agreed to sell 40% of its agency to Liberty Ships, another local company. Zim refused to ratify the agreement, claiming it was not committed to the sales deal.
 
The court ordered the seizure of 385 Zim containers at the port of Manila and 190 containers at the port of Davao, worth about Euro 9 million which Zim claims were undervalued by the court.
 
Zim has asked the court to overturn the ruling and to recall the writ of preliminary attachment. Zim said that the Manila Court Sheriff, which seized the properties, acted “maliciously, with evident bad faith, and undue haste”.
 
Zim said that it had terminated the agency agreement because Overseas Freighters' failed in its duties to protect Zim's interests.