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KUCHING, July 27: Civil engineering specialist, Sarawak Consolidated Industries Berhad (SCIB) has initiated legal action against Dynamic Prestige Consultancy Sdn Bhd over an outstanding refund of RM14 million.
According to a press statement today, SCIB explained that the sum was an initial payment in anticipation of a strategic business partnership in the Engineering, Procurement, Construction and Commissioning (EPCC) sector.
The agreement between the two companies stipulated that Dynamic Prestige would propose a Redeemable Convertible Preference Shares (RCPS) scheme in their company.
SCIB has decided not to proceed with the RCPS and is now seeking the agreed-upon refund.
However, SCIB said that Dynamic Prestige has yet to honour this agreement.
In the statement, SCIB Group managing director Ku Chong Hong asserted that the initiation of this legal action is a necessary step to protect the company’s interests and uphold its financial integrity. — DayakDaily
