WCT

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MATERIAL LITIGATION WCT HOLDINGS BERHAD ("WCT" OR "THE COMPANY") UPDATES ON THE NAD AL SHEBA DUBAI RACECOURSE CONTRACT DISPUTE

WCT HOLDINGS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
WCT HOLDINGS BERHAD ("WCT" OR "THE COMPANY")

UPDATES ON THE NAD AL SHEBA DUBAI RACECOURSE CONTRACT DISPUTE

Reference is made to the previous announcements pertaining to the issuance of the final award of the Arbitral Tribunal in DIAC case No. 2/2009 where the Tribunal awarded to and in favour of WCT Berhad (“WCTB”), and had ordered Meydan to pay WCTB, a total of AED1,152,651,192.68 (Arab Emirates Dirham One Billion, One Hundred and Fifty Two Million, Six Hundred and Fifty One Thousand, One Hundred and Ninety Two and Fils Sixty Eight) (approximately RM1,197,258,793 [Ringgit Malaysia One Billion, One Hundred and Ninety Seven Million, Two Hundred and Fifty Eight Thousand, Seven Hundred and Ninety Three]) (“Final Award”). Since the issuance of the Final Award, WCTB had been pursuing the necessary legal proceedings for recognition and enforcement of the Final Award. 

 

Reference is also made to the previous announcement dated 28 June 2019 pertaining to the formation of the special judicial committee (“Judicial Committee”) to resolve all pending claims and proceedings by or against Meydan (including proceedings relating to the recognition and enforcement of the Final Award).

 

The Board of Directors of WCT wishes to announce that WCTB had on 12 January 2021 received notification from its solicitors in Dubai that the Judicial Committee had issued its decision to uphold the Dubai Court of Appeal’s order dated 30 April 2019 (“Order”) recognizing the Final Award, dismissing Meydan’s challenge against the Order as well as dismissing Meydan’s application to annul the Final Award. WCTB will continue to pursue its legal rights in respect of the Final Award including the enforcement of the same.

 

Any material development of this case will be further updated.

 

This announcement is dated 13 January 2021






Announcement Info

Company Name WCT HOLDINGS BERHAD
Stock Name WCT
Date Announced 13 Jan 2021
Category General Announcement for PLC
Reference Number GA1-13012021-00050