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MATERIAL LITIGATION KUMPULAN JETSON BERHAD ("JETSON" OR THE "COMPANY") - NOTICE OF ARBITRATION FILED BY YDI SYNERGY SDN. BHD. AGAINST JETSON CONSTRUCTION SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF JETSON

KUMPULAN JETSON BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
KUMPULAN JETSON BERHAD ("JETSON" OR THE "COMPANY")
- NOTICE OF ARBITRATION FILED BY YDI SYNERGY SDN. BHD. AGAINST JETSON CONSTRUCTION SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF JETSON
Pursuant to Paragraph 9.04(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Malaysia”), the Company wishes to announce that its wholly-owned subsidiary, JETSON CONSTRUCTION SDN. BHD. (“JCSB”) was served with a Notice of Arbitration (“NOA”) on 12 May 2022 filed by YDI SYNERGY SDN. BHD. (“YDIS”) in relation to disputes arising from the Agreement and Conditions of PAM Contract 2018 (With Quantities) (“Agreement”) together with a Letter of Award dated 20 March 2022 (“LOA”) for the construction of “CADANGAN PEMBANGUNAN INSTITUSI PENGAJIAN TINGGI SWASTA YANG MERANGKUMI 3 FASA IAITU:- (a) SEBAHAGIAN FASA 3: 2 TINGKAT TEMPAT LETAK KENDERAAR ARAS 1 DAN 2; (b) FASA 5: 12 TINGKAT BLOK K1 KEDIAMAN PELAJAR, 10 TINGKAT BLOK K2 KEDIAMAN PELAJAR; (c) FASA 6: 7 TINGKAT BLOCK C: BENGKEL & MAKMAL KEJURUTERAAN, BILIK KULIAH, TUTORIAL & PERBINCANGAN DAN DEWAN PAMERAN, DI ATAS LOT P.T. 13825, TAMAN TEKNOLOGI MALAYSIA, MUKIM PETALING, BANDARAYA KUALA LUMPUR, WILAYAH PERSEKUTUAN UNTUK TETUAN ASIA PACIFIC UNIVERSITY SDN BHD” (“Project”) seeking a declaration sum of RM7,456,318.45. The LOA is to be read together with the Agreement (collectively referred to as the “Contract”).

JCSB had on 17 March 2020, accepted a Letter of Award from Asia Pacific University, to undertake the construction andcompletion of the Package 2 main Buildng Works (Phase 3) for the proposed development of a private higher education institution comprises three (3) phases.

YDIS has raised a claim that JCSB had allegedly delayed, failed and/or refused to certify and/or make payments to YDIS for works done and the return of retention sum and performance bond.  

The Company’s position is that YDIS’ alledged claims are without merits and JCSB will vigorously defend its position accordingly.

The Company has sought professional legal opinion to the NOA of claim from its solicitors and has instructed the said solicitors to take all necessary steps including possible filing of counterclaim against YDIS.

The Company believes that the NOA and potential arbitration proceedings are not expected to have material financial and operational impact on the Company for the financial year ending 31 December 2022. There shall be no impact on the Group’s operations.

None of the directors or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the arbitration proceedings. Further announcements on any material development of the matter will be made to Bursa Malaysia from time to time.

This announcement is dated 13 May 2022.





Announcement Info

Company Name KUMPULAN JETSON BERHAD
Stock Name JETSON
Date Announced 13 May 2022
Category General Announcement for PLC
Reference Number GA1-13052022-00066




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