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Thursday, November 27, 2014

YFG’s RM255.9mil condo job in Sabah terminated (Star)

YFG Bhd’s RM255.9mil contract for the commercial and 27-storey waterfront condominium property project in Sabah has been terminated by Palikota Sdn Bhd.

The company said on Wednesday its unit YFG Trolka Sdn Bhd had received a notice from Palikota on Nov 19 informing it that the contract, awarded on Aug 1, 2013, had been terminated.

The contract was for the construction of Jesselton Residences Waterfront along Jalan Haji Saman in Kota Kinabalu...

In the latest development, YFG Trolka had written to Palikota argued that it was an invalid notice of termination and will treat it as repudiation of contract and accepted the repudiation and be excused from further performance and will sue Palikota for damages for breach. 

YFG Trolka had filed in the application for an ex parte interim injunction at Kuala Lumpur High Court to injunct Palikota from calling on the performance bond.

The Kuala Lumpur High Court had on Tuesday granted an injunction against Palikota to restrain it from calling on the performance bond issued by the bank until YFG Trolka's claim is heard and disposed by the Court.

The court fixed the inter-parte hearing for the injunction application on Dec 9, 2014.

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