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BARAKAH

0.015

-0.005 (-25%)

MATERIAL LITIGATION Demand notices from PRPC Utilities and Facilities Sdn. Bhd.

BARAKAH OFFSHORE PETROLEUM BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
Demand notices from PRPC Utilities and Facilities Sdn. Bhd.

Reference is made to the announcement made by the Company on 13 September 2019 and 13 February 2020 (collectively “Announcements”). Unless stated otherwise, definition used in this announcement shall carry the same meanings as defined in the Announcements.

 

Barakah Offshore Petroleum Berhad (“BARAKAH”) has been served on 12 February 2020 with Writ of Summons and Statement of Claim both dated 7 February 2020 for the amount of RM 85,203,274.96 by PRPC Utilities and Facilities Sdn Bhd (“PRPC”).

 

BARAKAH has on 13 March 2020, through its firm of advocates and solicitors, Messrs. Ram Reza & Muhammad filed a Statement of Defence and Counter Claim to PRPC. In support to BARAKAH’s defence and counter claim, BARAKAH has stated among others the following summarized contents of their Statement of Defence and Counter Claim :-

 

i)          Any failure to comply with the milestones as alleged by PRPC towards the Package Contractor’s performance is due and/or caused by PRPC’s failure in honouring the Payment Certificate NO. 9 for the sum of RM 6,579,806.74.

 

ii)         PRPC has failed further to process the progress claim No. 10 amounting RM 23,144,529.02.

 

iii)        Several Change Orders in the Project issued by PRPC which have been duly completed by Package Contractor remain unpaid by PRPC amounting to RM 4,557,400.00.

 

iv)        BARAKAH further claims an amount RM 8,414,802.80 being the amount of the performance bond wrongfully demanded by PRPC.

 

v)         BARAKAH further states that the Writ and Statement of Claim as premature and invalid due to PRPC’s non-compliance of the strict terms of the Guarantee Agreement.

 

vi)        BARAKAH states that there is no alleged failure by Package Contractor during the period as alleged by PRPC in their Statement of Claim.

 

vii)       Due to the terms of the Guarantee agreement which amalgamated BARAKAH’s position and the Package Contractors’, in addition to the defence, BARAKAH has filed such claim amounting in total to RM 42,696,538.56.

 

This announcement is dated 16 March 2020.






Announcement Info

Company Name BARAKAH OFFSHORE PETROLEUM BERHAD
Stock Name BARAKAH
Date Announced 16 Mar 2020
Category General Announcement for PLC
Reference Number GA1-16032020-00076