The Board of Directors of Ahmad Zaki Resources
Berhad (AZRB) wishes to announce that AZRB had on 20 October 2014 received
a Notice of Arbitration from Cobrain Holdings Sdn Bhd (CHSB) to commence
arbitration proceedings against AZRB.
CHSB is a sub-contractor appointed by
AZRB to undertake the sub-contract work to Supply, Install, Testing and
Commissioning of Electrical High Tension, Low Voltage and Structure Cabling
Services for the Construction of Phase 1 and Phase 2 for the project known as
Al-Faisal University Campus Development Project in Riyadh, Kingdom of Saudi
Arabia.
The arbitration proceeding is commenced
against AZRB to seek the following relief:-
(a) The full payment of the final
claim totalling SAR14,370,941.28 (approximately RM12,485,653);
(b) All costs and expenses in and
occasioned by these proceedings (including but not limited to legal costs and
disbursements, the cost and expenses of the arbitrator/tribunal, transcription
services, the costs or expert advice and of other assistance required by the
arbitrator/tribunal and the fees and expenses of the appointing authority); and
(c) Such further relief or other
relief as may be expedient or ancillary to the principal relief claimed.
AZRB has consulted its solicitors who
will defend the case on AZRBs behalf.
This announcement is dated 21 October
2014.