MATERIAL LITIGATION - PESTECH INTERNATIONAL BERHAD (PESTECH)
ARBITRATION PROCEEDINGS SERVED BETWEEN SYARIKAT PEMBENAAN YEOH TIONG LAY SDN. BHD. AND PESTECH AND PESTECH TECHNOLOGY SDN. BHD. (PTECH)
PESTECH INTERNATIONAL BERHAD
We refer to our previous announcements dated 20 October 2023 and 23 October 2023.
The Board of Directors of PESTECH wishes to inform that PESTECH and PTECH had on 27 May 2024, submitted their Defence and Counterclaim to the Arbitral Tribunal in respect of the abovementioned arbitral proceedings under the Asian International Arbitration Centre (“AIAC”).
PTECH is seeking a set-off against all amounts claimed by Syarikat Pembenaan Yeoh Tiong Lay Sdn. Bhd. (“SPYTL”) and has further filed a counterclaim against the SPYTL for reliefs in respect of the issues arising from the termination of Sub-Contract dated 18 December 2018 entered between SPYTL and PTECH for the electification systems works of the Electrified Double Track from Gemas to Johor Bahru.
PESTECH is also seeking a set-off against all amounts claimed by SPYTL and has also further filed a counterclaim against SPYTL.
This announcement is dated 28 May 2024.