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
-
-
-
-
-
-
-
-
-
-
Hidden Traps (and Benefits) of Instalment Plans17 hours ago
-
Best Areas in Phnom Penh to Buy Property18 hours ago
-
-
Grab expands menu with Chope acquisition18 hours ago
-
-
-
HDB vs Private Property: Pros & Cons21 hours ago
-
Orchids of Angkor Wat21 hours ago
-
-
-
-
Few Reflections1 day ago
-
Die With Zero (Bill Perkins)1 day ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Weekly Market Outlook5 days ago
-
-
-
Top 5 Dividend Stocks on SGX5 days ago
-
Be anti-fragile5 days ago
-
-
-
-
-
-
-
-
-
-
-
-
随心笔:忧郁1 week ago
-
-
-
Quick Updates (July and August)1 week ago
-
Finance Investment Movement 471 week ago
-
-
-
-
-
SG GEMS 2024 by AlphaInvest2 weeks ago
-
-
Lentor Hills Residences2 weeks ago
-
MIT vs MLT. Which To Choose?2 weeks ago
-
-
-
-
Monthly IBKR Update – June 20242 weeks ago
-
-
-
At the Half Year Mark3 weeks ago
-
-
-
-
-
-
Portfolio Summary for June 20243 weeks ago
-
-
-
-
-
Jun 2024 Portfolio3 weeks ago
-
Gone Fishing3 weeks ago
-
2Q 2024 Investment Strategy Update3 weeks ago
-
A Giant Sucking Sound…4 weeks ago
-
-
Portfolio (June 30, 2024)4 weeks ago
-
-
Oh My Spins Casino Login App4 weeks ago
-
-
-
-
-
-
-
-
Free money again! Don't say #bojio.1 month ago
-
-
-
-
-
-
-
Breakthroughs in portfolio :)2 months ago
-
Bond Coupons vs Rental Income2 months ago
-
-
-
Resilience and Adaptability = Confidence2 months ago
-
-
-
China’s going downhill?2 months ago
-
-
iFAST 1Q24: Firing on all cylinders2 months ago
-
-
2024 (Portfolio Update)3 months ago
-
-
Feb 2024 Expenditure4 months ago
-
New Bitcoin All Time High Before Halving4 months ago
-
-
-
The Market Is A Scam!4 months ago
-
-
-
-
Options Trading Journal Jan 20245 months ago
-
-
-
-
-
Year 2023 DIYQuant Portfolio Performance Report6 months ago
-
Monthly Summary of November 20237 months ago
-
Migration of website8 months ago
-
-
-
-
-
-
-
-
-
-
-
-
A New Light1 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 Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
Home
GUH
JAKS
GUH 3247 GUH HOLDINGS BHD sues JAKS 4723 JAKS RESOURCES BERHAD JV for failing to adhere to arbitration order