KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) and its subsidiary SCIB International (Labuan) Ltd have entered into settlement agreements with clients and subcontractors for the mutual termination of contracts to mitigate risks arising from long-overdue debts and Covid-19 uncertainties.
SCIB said the decision was arrived at by the stakeholders after considering that the progress of the projects, undertaken in Qatar and Oman, was greatly affected by manpower issues caused by the Covid-19 pandemic.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!