TNB’s suit against IWCity over alleged damage to undersea cable to go to full trial

TheEdge Fri, Feb 02, 2024 09:32pm - 2 months View Original

KUALA LUMPUR (Feb 2): Iskandar Waterfront City Bhd (IWCity) has failed in its bid to strike out a RM76.56 million lawsuit by Tenaga Nasional Bhd (TNB) over alleged damage to the utility giant’s undersea cable in Johor.

The High Court dismissed the applications by IWCity and its wholly-owned units, Tebrau Bay Construction Sdn Bhd and Tebrau Bay Sdn Bhd, to strike out the suit and awarded costs of RM8,000 per application to TNB, said IWCity.

“Following that, this matter will proceed for full trial and the court has directed for the discovery and interrogatories applications to be heard on April 21,” the company added in a bourse filing on Friday.

TNB hit IWCity with the suit in 2020, alleging that reclamation works undertaken by IWCity and Tebrau Bay Construction trespassed on the right of way of TNB’s undersea cable.

Besides RM76.56 million in damages, TNB is seeking a declaration that IWCity had trespassed on and damaged the undersea cable.

It is also seeking a perpetual injunction order against IWCity and its units from carrying out any activities on TNB’s right of way without its permission.

Shares in IWCity ended five sen or 5.99% lower at 78.5 sen, giving the company a market capitalisation of RM718.78 million. TNB rose 14 sen or 1.31% to RM10.86, valuing the group at RM62.85 billion.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.

Related Stocks

IWCITY 0.730
TENAGA 11.600


Login to comment.