Damai City Sdn Bhd ordered to pay GDB Holdings RM97.7 Million

GDB Holdings which filed an adjudication proceeding against KSK’s subsidiary Damai City Sdn Bhd with regard to the 8 Conlay project has received the decision in favour of the group

In a Bursa filing, the adjudicator has determined and delivered the decision with DCSB having to pay to GDB the sum of RM97.7 million, interest at a rate of 4% per annum, pay the Claimant’s costs of RM30,000, pay the sum of RM30,300 as the claimant’s portion of the adjudication costs; and pay the sum of RM30,300 where the Claimant has paid for the Respondent’s portion of the Adjudication Costs.

It is noted that DCSB has previously paid the sum of RM60 million out of the adjudicated Sum, which was payment for the Interim Certificate but does not include the payment of late payment interest.