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PETALING JAYA: WCT Holdings Bhd said today that the appeal of Meydan Group LLC regarding the cancellation of the Nad Al Sheba Racecourse project in Dubai, UAE, was rejected by the Dubai Civil Court of Appeal (COC).
WCT stated in a file on the stock exchange that she had been informed by the lawyers of WCT Bhd (Dubai Branch) (WCTB) in Dubai that the COC had, on July 22, dismissed the company. Meydan's appeal regarding the previous Court of First Instance and the dismissals / dismissals of the Meydan Court of Appeal.
"The board of directors has also been informed that the COC is the highest civil appeal court in Dubai and the civil procedure is now concluded". The process of ratification and enforcement of the arbitration award made in favor of the WCTB on July 8, 2015 is still ongoing.
To recap, Meydan canceled the construction contract for the Nad Al-Sheba Racecourse Project covering major construction works, exterior works and infrastructure works, approximately one year after the completion of the project. contract awarded to the 50/50 joint venture between WCTB and Arabtec Construction LLC in September 2007 for an amount of 4.6 billion UAE dirhams (RM5 billion). [19659006] window.fbAsyncInit = function () {
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