TNB drops suit against Gamuda after payment of RM91m

TheEdge Wed, Aug 21, 2019 09:26am - 4 years View Original


KUALA LUMPUR: Gamuda Bhd said Tenaga Nasional Bhd (TNB) has withdrawn a legal suit against the group following the full settlement of a sum totalling RM91.1 million.

“TNB’s solicitors have withdrawn all matters pertaining to the TNB suit with no order as to costs and without liberty to file afresh,” Gamuda said in a filing with the stock exchange.

The RM91.1 million constitutes full and final settlement of the dispute between Gamuda’s 80%-owned unit Gamuda Water Sdn Bhd and TNB, said the group.

TNB had sued Gamuda Water in March last year for failing to pay its electricity bills.

Gamuda said the suit will not have any significant financial and operational impact on the group for the financial year ending July 31, 2020 as the outstanding electricity bills have been fully provided as and when they were incurred.

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