2 weeks Ago By Business Times
KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MHB)'s unit Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has been served with a notice of arbitration involving a claim of RM57.3 million.The notice, dated April 11, stems from a dispute over a subcontract for the Bokor Phase 3 redevelopment project labeled as Package A, the group said in a filing with Bursa Malaysia today.
Under the subcontract, Haumea Offshore, formerly known as Trans Fame Offshore Sdn Bhd, was appointed to carry out hook-up and commissioning works, including providing marine vessels for the project.The arbitration, filed under the Asian International Arbitration Centre rules, concerns disagreements over the performance of the works.The claim includes alleged losses, interest, costs and any other relief deemed appropriate by the arbitral tribunal.
MHB said the financial impact on the group will depend on the outcome of the proceedings, but no operational disruptions are expected. It added MMHE intends to vigorously contest the claim and is considering a counterclaim, along with any additional legal remedies available under Malaysian law."Apart from the arbitration proceedings, MMHE reserves its right to pursue any other legal actions as may be permitted under Malaysian laws.
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