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Press release
Jul 27, 2023 16:49 JST
Source:
Sarawak Consolidated Industries Bhd
Sarawak Consolidated Commences Legal Action against Dynamic Prestige Consultancy
SCIB Asserts Legal Rights in Pursuit of Outstanding RM14 Million Refund
KUCHING, MALAYSIA, Jul 27, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that it has initiated legal proceedings against Dynamic Prestige Consultancy Sdn. Bhd from an unfulfilled refund of RM14,000,000.00.
Ku Chong Hong, Managing Director of SCIB
The sum was an initial payment in anticipation of a strategic business partnership in the Engineering, Procurement, Construction and Commissioning (EPCC) sector. As part of the agreement, Dynamic Prestige Consultancy Sdn. Bhd. was to propose a Redeemable Convertible Preference Shares (RCPS) scheme in their company. SCIB, having decided not to proceed with the RCPS, has sought the agreed refund. However, to date, Dynamic Prestige Consultancy Sdn. Bhd. ("Dynamic Prestige") has failed to honour this agreement.
In response to the ongoing litigation, Mr. Ku Chong Hong, Group Managing Director of SCIB, stated, "The initiation of this legal action is a necessary step to protect our company's interests and uphold our financial integrity. We have always operated with full adherence to our contractual obligations and expect the same level of commitment from our partners. We remain confident in our legal position and are committed to ensuring the best outcome for our shareholders and stakeholders."
Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB],
http://scib.com.my
Source: Sarawak Consolidated Industries Bhd
Sectors: Daily Finance, Daily News, Construct, Engineering, Local Biz
Copyright ©2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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