CIMB serves PLUS with arbitration notice in relation to Touch ‘n Go

New system: The Penang Bridge was supposed to be one of the locations for the PLUS RFID system to kick off on Dec 15, according to reports.

PETALING JAYA: CIMB Group Holdings Bhd and its unit have initiated an arbitration proceeding against highway concessionaire PLUS Malaysia Bhd for breaching some of the terms of their joint-venture agreement (JVA) in relation to Touch ‘n Go Sdn Bhd (TNGSB).

In a filing with Bursa Malaysia, the second-largest banking group in Malaysia said the company and its wholly owned subsidiary CIMB SI 1 Sdn Bhd had on Monday filed and served a notice of arbitration on PLUS due to disagreements arising from PLUS launching its own radio frequency identification (RFID) system.