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OTHERS FINAL AWARD ISSUED BY THE ARBITRAL TRIBUNAL IN RESPECT OF THE ARBITRATION PROCEEDING BETWEEN FAJARBARU BUILDER SDN. BHD., A WHOLLY OWNED SUBSIDIARY OF FAJARBARU BUILDER GROUP BHD. AND TAN WEE MENG

FAJARBARU BUILDER GROUP BHD

Type Announcement
Subject OTHERS
Description
FINAL AWARD ISSUED BY THE ARBITRAL TRIBUNAL IN RESPECT OF THE ARBITRATION PROCEEDING BETWEEN FAJARBARU BUILDER SDN. BHD., A WHOLLY OWNED SUBSIDIARY OF FAJARBARU BUILDER GROUP BHD. AND TAN WEE MENG
Reference is made to the Company’s announcements dated 28 July 2017, 21 March 2019, 25 March 2019 and 18 December 2019.

Fajarbaru Builder Group Bhd ("FBG" or "the Company") wishes to announce the Final Award in the matter of an Arbitration between Fajarbaru Builder Sdn. Bhd. (“FBSB”), a wholly owned subsidiary of the Company, and Tan Wee Meng (“the Respondent”).

Pursuant to the Final Award dated 30 December 2020 which was taken up by FBSB's solicitor on 23 February 2021 (“Taken Up Date”), the Arbitrator has awarded and declared, among others, as follows:

1. the Respondent shall pay to FBSB within 14 days after the Taken Up Date:
(i) the sum of RM10,000,000.00; and
(ii) the amount awarded at paragraph 1(i) above or in the event of part payment by the due date, the outstanding balance thereof shall be subjected to the addition of simple interest at 5% per annum from the date of this award to the date of payment; and

2. the Respondent shall pay and/or reimburse all the legal costs and expenses, the Arbitrator’s fees and the Asian International Arbitration Centre (AIAC) booking fees to FBSB.

This announcement is dated 24 February 2021.

 






Announcement Info

Company Name FAJARBARU BUILDER GROUP BHD
Stock Name FAJAR
Date Announced 24 Feb 2021
Category General Announcement for PLC
Reference Number GA1-24022021-00031




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