GDB via its subsidiary Grand Dynamic Builders Sdn. Bhd. said it had filed a Writ of Summons and Statement of Claim against property developer KSK Land Sdn. Bhd. in reference to the 8 Conlay projects.
The claim is for the total outstanding sum of RM102,076,171.93 which GDB said is due and owing to GDBSB arising out of connection with the Corporate Guarantee made by KSK in favour of GDBSB on 5 August 2022. It has also added an interest rate of 5% per annum on the judgment sum from the date of the judgment until the date of the final and full settlement is paid.
GDBSB contends that KSK was in breach of its obligations under the Corporate Guarantee and/or in law when KSK failed, refused, and/or neglected to honour the Corporate Guarantee and effect payment of the Outstanding Sum.
This also comes after KSK terminated GDBSB as its contractor for the 8 Conlay projects recently.
