KUALA LUMPUR: TH Heavy Engineering Bhd
(THHE) has received a notice of arbitration from Coral Intoil Sdn Bhd (CISB) over claims that it had failed to provide the required funding to a joint venture (JV) company set up to bid for and undertake hook-up and commissioning jobs.
According to THHE in a filing with Bursa Malaysia, CISB also claims payment from THHE for the amount outstanding under the Kinabalu and Permas hook-up and commissioning projects.
It is claiming damages amounting to RM23.55mil as well as interest on the awarded sum for the Permas and Kinabalu hook-up and commissioning projects at a rate of 10% per annum commencing from the date of award until the date of full settlement.
...