Crest Builder has informed that the arbitration case between the company Saujana Triangle Sdn Bhd and the tribunal where the claimant is not awarded any of their original claims of RM94.6 million and instead the respondent Crest Builder awarded the monetary sum of RM18 million of the RM31 million of work done.
The Tribunal awarded and directed that, in full and final settlement of all disputes, claims, and counterclaims. Additionally, the tribunal has also instructed the claimant to bear and pay the Respondent’s cost of the arbitration in the sum of RM2.127
million and bear and pay the costs of the award and reimburse for any paid cost.
Crest Builder said the outcome of this arbitration will have a negative impact on the earnings of the Group for the financial year ending 31 December 2023.
