Muhibbah-LTAT JV gets RM13.97m in arbitration proceedings against Malaysian govt

KUALA LUMPUR: The arbitrator in the Muhibbah-LTAT JV Sdn Bhd's arbitration proceedings against the Malaysian government has awarded the company RM13.97 million.
In a filing to Bursa Malaysia today, Muhibbah Engineering (M) Bhd (MEB) said its 51%-owned unit won the proceedings against the government pertaining to the claims and charges for the Sepangar Bay project.
The award consisted of the final claims, costs, finance charges and disbursements, it said.
"The total sum awarded is payable within the next four weeks, failing which interest at a rate of five per cent per annum will be imposed," it said.
MEB said the award will give a positive financial impact to MEB group.
In another filing to Bursa Malaysia, MEB said, the Monadelphous Muhibbah Marine JV (MMM) has reached an agreement with Wiggins Island Coal Export Terminal Pty Ltd to resolve all claims related to contracts performed on the Wiggins Island Coal Export Terminal Project in Gladstone, Queensland, Australia.
MMM is an unincorporated joint venture (JV), in which one of its wholly-owned units holds a 50% interest.
"However, this agreement remains subject to third-party approvals," MEB said, adding that this agreement was in the best interest of the JV. — Bernama