MALAKOF

0.635

-0.005 (-0.8%)

MATERIAL LITIGATION MALAKOFF CORPORATION BERHAD ("MCB") - APPLICATION TO JOIN MCB AND MALAKOFF POWER BERHAD ("MPB") ("JOINDER APPLICATION") IN THE SINGAPORE INTERNATIONAL ARBITRATION CENTRE ARBITRATION NO. 278 OF 2018 ("ARBITRATION") BETWEEN PRAI POWER SDN BHD ("CLAIMANT") AND (1) GE ENERGY PARTS, INC; (2) GE POWER SYSTEMS (MALAYSIA) SDN BHD; (3) GENERAL ELECTRIC INTERNATIONAL, INC; AND (4) GENERAL ELECTRIC COMPANY (COLLECTIVELY "RESPONDENTS")

MALAKOFF CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MALAKOFF CORPORATION BERHAD ("MCB") 
- APPLICATION TO JOIN MCB AND MALAKOFF POWER BERHAD ("MPB") ("JOINDER APPLICATION") IN THE SINGAPORE INTERNATIONAL ARBITRATION CENTRE ARBITRATION NO. 278 OF 2018 ("ARBITRATION") BETWEEN PRAI POWER SDN BHD ("CLAIMANT") AND (1) GE ENERGY PARTS, INC; (2) GE POWER SYSTEMS (MALAYSIA) SDN BHD; (3) GENERAL ELECTRIC INTERNATIONAL, INC; AND (4) GENERAL ELECTRIC COMPANY (COLLECTIVELY "RESPONDENTS")

Introduction

 

(Unless otherwise stated, the abbreviations used in this announcement shall have the same meaning as set out in the Company’s announcement dated 13 August 2019 in relation to the Joinder Application)

 

Further to the announcements made on 13 August 2019 and 4 October 2019, Malakoff Corporation Berhad (“MCB”) wishes to announce that (1) GE Energy Parts, Inc; (2) GE Power Systems (Malaysia) Sdn Bhd; (3) General Electric International, Inc; and (4) General Electric Company (collectively referred to as “Respondents”) have re-filed an application (“Joinder Application”) under Rule 7.8(a) of the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) to join MCB and Malakoff Power Berhad (“MPB”), a wholly-owned subsidiary of MCB, as parties to the Respondents’ Counterclaim, since the Respondents, MCB and MPB had conducted and completed the dispute resolution process under the Long Term Service Agreement dated 19 December 2000 and the Settlement and Release Agreement dated 12 December 2012 without any successful resolution of the dispute.

 

The subject matter of the Arbitration has been detailed in MCB’s announcement dated 13 August 2019.

 

MCB and MPB are in the process of seeking legal advice and preparing their response to the Joinder Application.

 

Financial and Operational Impacts

 

The Joinder Application is not expected to have any operational impact to MCB Group. The financial impact, if any, of the Joinder Application cannot be determined with finality at this juncture.

 

MCB will make further announcement(s) as and when there are any material developments in relation to the above matter.

 

This announcement is dated 16 January 2020. 






Announcement Info

Company Name MALAKOFF CORPORATION BERHAD
Stock Name MALAKOF
Date Announced 16 Jan 2020
Category General Announcement for PLC
Reference Number GA1-16012020-00012