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- The contractor, Geopancar Sdn Bhd, had initiated the adjudication to claim payments for substructure works for a project known as Flex @ Bukit Jalil City, undertaken by Ho Hup's wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD).
KUALA LUMPUR (April 4): Ho Hup Construction Co Bhd (KL:HOHUP) said its subsidiary has been ordered to pay a contractor RM7.37 million in an adjudication decision involving a dispute over payment claims.
The contractor, Geopancar Sdn Bhd, had initiated the adjudication to claim payments for substructure works for a project known as Flex @ Bukit Jalil City, undertaken by Ho Hup's wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD).
BJD later aborted the project and sold the land in January this year.
The group said BJD had not made representations nor appeared in the arbitration proceedings as it believed the parties were in “advance negotiation” in settling the dispute amicably,
Nonetheless, it noted that negotiations to settle subsequently failed.
Ho Hup said BJD will apply to the High Court to set aside and stay all proceedings connected to the adjudication decision.
"The claim by Geopancar is disputed by BJD, is unsecured and has no recourse on the company," it said.
Shares in Ho Hup ended 1.5 sen or 9.09% lower at 15 sen, valuing the group at RM77.74 million.
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