Subcontractor in 8 Conlay project obtains interim injunction against Grand Dynamic Builders
Judicial Commissioner Liza Chan Sow Keng granted the inter-partes (both parties) interim injunction.
Judicial Commissioner Liza Chan Sow Keng granted the inter-partes (both parties) interim injunction.
The arbitration notice was filed in response to GDBSB’s notice of demand amounting to RM102.
In a statement on Wednesday (April 19), the construction services firm said that the purported determination is wrongful as the mandatory contractual procedures and notices prior to the determination have not been complied with.
The construction outfit said its wholly-owned unit Fajarbaru Builder Sdn Bhd had accepted the award from Penang Development Corp for Phase 4 of a 25-phase proposed mixed development.
Signature International said the purchase of the stake from ZZBSB’s director Foo Khai Shin for RM13.
The project also consists of three strata shop units on level 1, four levels of podium parking, three levels of lower ground parking facilities for residents, one unit of electrical substation and one guard house.
As for the retail component, it will have about 70,000 sq ft of net lettable area over two levels, while the two levels of suite units will have about 20,000 sq ft of net lettable area.
The main building works consist of three blocks of residential condominium towers comprising 341 units, together with four levels of basement car park and three levels of podium facilities.
The group stated that if it fails to issue the outstanding financial statements within five market days after the expiry of relevant timeframes, Bursa Securities shall suspend trading in its securities with effect on the next market day.
En added that on adjudication alone, fees worth hundreds of millions have been paid by disputing parties since its inception and this does not include legal expenses incurred at various courts and arbitration.