KUCHING (July 27): Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that it has initiated legal proceedings against Dynamic Prestige Consultancy Sdn Bhd over an unfulfilled refund of RM14 million.
The sum was an initial payment in anticipation of a strategic business partnership in the Engineering, Procurement, Construction and Commissioning (EPCC) sector, SCIB said in a press statement today.
“As part of the agreement, Dynamic Prestige Consultancy Sdn Bhd was to propose a Redeemable Convertible Preference Shares (RCPS) scheme in their company.
“SCIB, having decided not to proceed with the RCPS, has sought the agreed refund. However, to date, Dynamic Prestige Consultancy Sdn Bhd has failed to honour this agreement,” said the statement.
SCIB group managing director Ku Chong Hong said the initiation of this legal action is a necessary step to protect the company’s interests and uphold financial integrity.
“We have always operated with full adherence to our contractual obligations and expect the same level of commitment from our partners.
“We remain confident in our legal position and are committed to ensuring the best outcome for our shareholders and stakeholders,” he said.
SCIB was founded in 1975 and has evolved from a small enterprise into a reputable group of companies listed on the Main Market of Bursa Malaysia Securities Berhad.
It currently operates three factories in Kuching – one in the Pending Industrial Estate and two in the Demak Laut Industrial Park.