WCT: Dubai Court of Appeal’s decision upheld over racecourse dispute

WCT Holdings Bhd said the judicial committee has upheld the Dubai Court of Appeal’s decision to recognise the RM1.19bil award which Meydan Group LLC has to pay in the Nad Al Sheba Dubai Racecourse dispute.

KUALA LUMPUR: Construction firm WCT Holdings Bhd said the Judicial Committee has upheld the Dubai Court of Appeal’s decision to recognise the RM1.19bil award which Meydan Group LLC has to pay in the racecourse dispute.

In a filing with Bursa Malaysia, WCT said that since the issuance of the final award, WCT Bhd (WCTB) had been pursuing the necessary legal proceedings for recognition and enforcement of the final award.

“The board of directors of WCT wishes to announce that WCTB had, on Jan 12, received notification from its solicitors in Dubai that the Judicial Committee had issued its decision to uphold the Dubai Court of Appeal’s order dated April 30,2019, recognising the final award, dismissing Meydan’s challenge against the order as well as dismissing Meydan’s application to annul the final award.

“WCTB will continue to pursue its legal rights in respect of the final award including the enforcement of the same, ” the statement said.

AWCTJV, a joint venture between Arabtec Construction LLC and WCT Bhd (Dubai branch), secured a contract to build the Nad Al Sheba Racecourse by the Meydan Group in September 2007 worth 4.6 billion dirhams.

However, the Meydan Group cancelled the construction contract in 2008 and a year after, awarded a subcontract to Triumpher Steel Construction Group to undertake certain steel-related works for the racecourse project that was terminated.

In 2015, the Dubai International Arbitration Centre ruled that Meydan’s cancellation and purported termination of the contract was unlawful, invalid and of no effect.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


100% readers found this article insightful

Next In Business News

CPO futures trading to remain range bound next week
Advisory panel unanimously recommends FDA authorize Johnson & Johnson COVID-19 vaccine
GameStop rally fizzles; shares still register 151% weekly gain
NYSE begins move to delist Chinese state oil producer CNOOC
Oil price drops on US$ strength and OPEC+ supply expectations
GLOBAL MARKETS-Globals stock slide on inflation fears
AMMB says it has enough capital to absorb 1MDB global settlement�
A five-year high for FGV Holdings
AMMB to pay RM2.83bil to the government
IHH to take proactive measures

Stories You'll Enjoy