PETALING JAYA: Zelan Bhd has been awarded RM299.85 million from the International Court of Arbitration for its legal proceeding against Meena Holdings LLC in relation to the Meena Plaza mixed use development project in Abu Dhabi, the United Arab Emirates.
The group told Bursa Malaysia in a filing that the court has decided in favour of its wholly owned subsidiary Zelan Holdings (M) Sdn Bhd (ZHSB) in the dispute and ruled that ZHSB’s termination of contract is valid.
“Accordingly, the Arbitral Tribunal of the International Court of Arbitration, International Chamber of Commerce has awarded ZHSB the sum of AED256.14 million (RM287.87 million), pre-award interest of AED52,963.71, parties’ cost of AED8.4 million and ICC costs of arbitration in the sum of US$585,000 (RM2.41 million),” it said.
ZHSB was also awarded post-award interest on the sum of AED256.14 million, parties’ costs and ICC costs of arbitration at the rate of 9% per annum after the date of arbitration award until full payment by Meena Holdings.
To recap, the arbitration proceeding was initiated in August 2016 over breaches and defaults pursuant to the building contract for procurement, construction and completion of Package 2 Main Construction Package of Meena Plaza.
Zelan is now seeking advice from its solicitors on the enforcement of the arbitration award with the purpose of recovering the awarded sums.
source https://www.thesundaily.my/business/arbitration-court-awards-zelan-rm299-8m-DJ1182371
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