GUH 3247 GUH HOLDINGS BHD sues JAKS 4723 JAKS RESOURCES BERHAD JV for failing to adhere to arbitration order
KUALA LUMPUR (Jan 11): GUH Holdings Bhd is suing a joint venture (JV) of JAKS Resources Bhd for failing to abide by an arbitration decision that ordered it to pay GUH RM11.67 million in outstanding sum owed for work done previously, together with interests and arbitration costs.
In a Bursa Malaysia filing, GUH said it had, via its unit Teknoserv Engineering Sdn Bhd, filed the originating summons at the High Court here against the JV unit — JAKS-KACC JV — and the JV partners JAKS Sdn Bhd (JSB) and KACC Construction Sdn Bhd, to enforce the adjudication decision. JSB is a wholly owned unit of JAKS Resources.
GUH said Teknoserv initiated the adjudication proceedings against the JV unit in August last year, and that the decision in favour of the group — which ordered JAKS-KACC JV to pay Teknoserv within 14 days of the award date — was delivered on Dec 23, 2022.
"As at the date of this announcement, JAKS-KACC JV has failed to make any payment to Teknoserv pursuant to the adjudication decision, despite the fact that the deadline to do so has lapsed. Consequently, Teknoserv has filed an originating summons in the Kuala Lumpur High Court to enforce the adjudication decision..." GUH's Tuesday (Jan 10) filing read.
“Sealed copies of the originating summons will be served on JAKS Sdn Bhd and KACC Construction Sdn Bhd in due course. The company will make the appropriate announcements as and when there are material developments in relation thereof,” GUH added.
According to GUH's past filings, Teknoserv was appointed by the JV unit as the sub-contractor in July 2014 to build a new network pumping station in Batu, Jinjang-Kepong, Kuala Lumpur, at an agreed contract sum of RM63.5 million.
It said the project's completion date was extended from December 2017 till August 2021, but Teknoserv terminated the agreement a month earlier in July 2021 after issuing a notice of contract breach to JAKS-KACC JV. The JV unit, in response, claimed Teknoserv had failed to perform its works under the contract and wrongfully repudiated its employment.
Teknoserv subsequently initiated the arbitration proceedings and claimed for RM22.6 million or such other sum as assessed by the adjudicator, together with interests and costs.
GUH's share price closed unchanged at 41 sen on Wednesday, valuing the group at RM114.91 million. JAKS Resources settled half a sen higher at 24 sen, giving it a market capitalisation of RM501.68 million.
http://www.theedgemarkets.com/node/651397
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
[Post 509] Why Tire Companies Love EVs12 hours ago
-
-
-
-
Lentor Hills Residences15 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Post-BTO Sales Liquidity2 days ago
-
-
-
Monthly IBKR Update – Apr 20242 days ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
China’s going downhill?4 days ago
-
-
-
-
Cory Diary : MLT Result Review5 days ago
-
-
-
-
No new investment for retirees6 days ago
-
-
The Story Behind Maybank6 days ago
-
-
-
-
Quick Update - scary correction1 week ago
-
Portfolio Update Apr 20241 week ago
-
-
Portfolio Summary for April 20241 week ago
-
Portfolio (April 30, 2024)1 week ago
-
Summary of April 20241 week ago
-
-
Month of April 20241 week ago
-
-
A Blast From the Past1 week ago
-
-
-
-
-
That Restless Night…1 week ago
-
-
-
-
-
-
-
Keyboarding Warriors2 weeks ago
-
-
-
-
-
-
-
-
-
-
-
-
-
2024 (Portfolio Update)4 weeks ago
-
-
-
1Q 2024 Investment Strategy Update5 weeks ago
-
-
-
-
Burnt out!1 month ago
-
-
-
Feb 2024 Expenditure1 month ago
-
-
-
-
-
-
-
-
-
The Market Is A Scam!2 months ago
-
-
-
-
-
-
Options Trading Journal Jan 20242 months ago
-
-
-
-
-
End of 2023 Review4 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report4 months ago
-
Monthly Summary of November 20235 months ago
-
3 Simple Poker Strategies for Beginners5 months ago
-
Migration of website5 months ago
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates7 months ago
-
-
-
-
Hello SP Group, I'm Back!10 months ago
-
-
-
-
A New Light1 year ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-
Home
GUH
JAKS
GUH 3247 GUH HOLDINGS BHD sues JAKS 4723 JAKS RESOURCES BERHAD JV for failing to adhere to arbitration order