Malakoff Corporation Bhd said an arbitral tribunal under the Singapore International Arbitration Centre (SIAC) has dismissed a claim brought by its wholly owned subsidiary, Prai Power Sdn Bhd (PPSB), against several General Electric (GE) entities relating to the Prai Power Plant.
The group said it received the Partial Final Award from the SIAC Secretariat on July 6 in relation to Claim 1 under SIAC Arbitration.
The arbitration was initiated by Allianz General Insurance Company (Malaysia) Bhd, acting in the name of Prai Power, against GE Energy Parts, Inc., GE Power Systems (Malaysia) Sdn Bhd, General Electric International, Inc., and General Electric Company over matters concerning the Prai Power Plant.
According to the award, the arbitral tribunal dismissed Prai Power’s claim in its entirety. The tribunal also dismissed the GE entities’ counterclaim against Prai Power.
In addition, the tribunal ordered that each party bear its own legal costs and expenses, while all other claims for relief relating to Claim 1 were also dismissed.
Malakoff said the Partial Final Award was issued following the evidentiary hearing, the exchange of closing and reply submissions, and the formal closure of proceedings for Claim 1.
The company noted that the arbitration had been bifurcated on June 28, 2025, separating the proceedings into Claim 1 and Claim 2, with the tribunal deciding to hear Claim 1 first.
As a result, the tribunal expressly reserved jurisdiction over Claim 2, which involves claims by the GE entities against Malakoff Power Bhd (MPB) and Malakoff Corporation Bhd.
Malakoff emphasised that the Partial Final Award does not make any findings, whether favourable or adverse, regarding Claim 2, as those matters were not before the tribunal during the current proceedings.
Any further proceedings relating to Claim 2 will depend on whether the GE entities decide to pursue the claim, subject to the tribunal’s future directions.
The company said the Partial Final Award is not expected to have any material financial impact on the Malakoff Group for the financial year ending Dec 31, 2026.
Malakoff added that it will continue to safeguard its interests in relation to Claim 2 and will make further announcements should there be any material developments.
