President of petronas "moved" to MAS which is a collapsing company.. High level politicians or government or big well connected ppl not happy with him? Needed more dividends from Petronas? He very good and honest guy managing petronas prudently, was told.
Pay more dividends to fund 2 nos stimulus package announced so far by government due to Covid 19 ?? Then much less money for development budget? Possible scenario
Any one know the status of the below compensation as MHB announced on 4th June, by when they can receive the USD21.52 Mil:
By way of background, MHB’s fully owned subsidiary company, Malaysia Marine and Heavy Engineering Sdn. Bhd (“MMHE”) commenced two (2) separate adjudication proceedings under CIPAA against E.A Technique (M) Berhad (“EAT”) for additional work performed under the Contract pursuant to Additional Work Orders (AWOs). In the first Adjudication proceedings, it was determined by the Adjudicator on 27 May 2019 that MMHE is entitled to payment in the principal sum of USD21,520,006.38 together with interests and costs (“1st CIPAA Decision”). In the second Adjudication proceedings, it was determined by the Adjudicator on 4 December 2019 that MMHE is entitled to payment in the principal sum of USD6,066,995.71 together with interests and costs (“2nd CIPAA Decision”).
Recent Development in respect of the Adjudication Proceedings under Construction Industry Payment and Adjudication Act 2012 (“CIPAA”)
By way of background, MHB’s fully owned subsidiary company, Malaysia Marine and Heavy Engineering Sdn. Bhd (“MMHE”) commenced two (2) separate adjudication proceedings under CIPAA against E.A Technique (M) Berhad (“EAT”) for additional work performed under the Contract pursuant to Additional Work Orders (AWOs). In the first Adjudication proceedings, it was determined by the Adjudicator on 27 May 2019 that MMHE is entitled to payment in the principal sum of USD21,520,006.38 together with interests and costs (“1st CIPAA Decision”). In the second Adjudication proceedings, it was determined by the Adjudicator on 4 December 2019 that MMHE is entitled to payment in the principal sum of USD6,066,995.71 together with interests and costs (“2nd CIPAA Decision”).
EAT applied to the High Court to set aside and/or stay the 1st CIPAA Decision and 2nd CIPAA Decision pending the disposal of arbitration proceedings. In turn, MMHE applied to enforce the 1st CIPAA Decision and 2nd CIPAA Decision.
It has been brought to our attention by MMHE’s solicitors, Messrs Mohanadass Partnership, that EAT’s application to set aside the 1st CIPAA Decision has been dismissed and, in turn, MMHE’s application to enforce the 1st CIPAA Decision allowed by the Kuala Lumpur High Court on 1 June 2020. Full grounds of judgment of the Learned Judge, YA Dato Lim Chong Fong are expected shortly. Following this, the High Court will now proceed to hear EAT’s stay application on 13 July 2020 and directions have been given in respect of the filing and exchange of affidavits and written submissions.
In respect of the 2nd CIPAA Decision, the setting aside and/or stay application by EAT is pending before the High Court. The Case Management is fixed for 10 June 2020.
In parallel with the above, the Arbitration proceedings are fixed for Oral Submissions/Clarification on 16 June 2020. The Evidential Hearing has concluded in November 2019.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sharewiz118
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Posted by sharewiz118 > 2020-06-08 23:57 | Report Abuse
Brent Crude oil price drop again sigh .... like that how to fly ?