KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) has resolved the dispute with ICEE International Sdn Bhd over the Pullman project in Kuching and two other projects in Thailand.
KAB said in a statement on Monday KAB Technologies Sdn Bhd (KABT), Datuk Lai Keng Onn and Jonathan Wu Jo-Han had entered into a global settlement agreement with ICEE International Sdn Bhd, ICEE Energy Services Sdn Bhd and Prabodh Kumar A/L Kantilal.
The electrical and mechanical engineering services provider said the settlement indicated two agreed courses of action with regard to the claims by KABT and Lai – which are the main claims -- and the counterclaims filed by the ICEE parties respectively.
“For the main claims, both KAB parties and ICEE parties are to enter into a consent Judgment on the same terms as set out in the statement of claim filed by KABT and Lai.
“As for the counterclaims, the ICEE parties are required to withdraw the claims with no liberty to file afresh and with no order as to costs.
“Likewise, the interlocutory applications filed by the KAB parties shall also be discontinued without liberty to file afresh and with no order as to costs, ” it said.
KAB also said under the breach of contract suit, one of the conditions in the settlement agreement was KABT had to pay RM120,000, despite ICEE International’s claims totalling RM265,776.
This will be the full and final settlement sum due to ICEE International, in relation to the Pullman Project, Kuching and two other projects in Thailand, which are the Robinson Rama 9 and Robinson Prachinburi.
KAB said upon payment of the settlement sum, neither party will have any further claims and will not initiate any new legal proceedings against each other arising from the projects.
Lai, who is also KAB managing director, said the settlement agreement was the right decision for the company.
“Through this settlement agreement, unnecessary costs and risks of further litigations have been avoided.
“Our businesses are operated in an ethical way, where we remain steadfast in running our business with the utmost transparency, accountability and integrity, which are crafted into our company’s core values, ” he said.