KUALA LUMPUR: The Singapore International Arbitration Centre has ordered the Brunei Economic Development Board (BEDB) to pay TRC Synergy Bhd's unit 18.67 million Brunei dollars (about RM60.18 million) over a dispute in relation to a contract to modernise the Brunei International Airport Terminal.
In a bourse filing on Monday (Jan 30), the construction and property development outfit said BEDB is to pay the company's wholly owned subsidiary Trans Resources Corp Sdn Bhd (TRC Corp) the sum within 14 days from Jan 16, 2023 ― the date of the tribunal's order.
BEDB is ordered to pay TRC Corp a sum of 13 million Brunei dollars with 5.33% annual interest from Oct 23, 2017, and 3.34 million with 5.33% annual interest from May 23, 2018.
Meanwhile, the order also listed another 2.25 million Brunei dollars to be paid as legal and other costs to TRC Corp, and 75,240 Brunei dollars for the unit's arbitration cost.
“The claimant's (TRC Corp) claim for prolongation is dismissed, and all other requests, reliefs and claims are hereby dismissed,” TRC Synergy added.
TRC Corp commenced arbitration proceedings against BEDB over the dispute pertaining to the airport terminal works contract back in January 2020.
According to a filing dated Jan 29, 2020, TRC Corp claimed for payments of amounts wrongfully deducted by BEDB from sums due to TRC under the contract, and compensation for losses suffered by TRC as a result of certain acts and/or omissions of BEDB.
Meanwhile, TRC Synergy's said BEDB did not have any counterclaims against TRC Corp in the arbitration proceedings.
At noon break, shares in TRC Synergy stood unchanged at 32 sen each, giving the company a market capitalisation of RM153.76 million.
Source : The Edge Markets