KUALA LUMPUR: AHMAD ZAKI RESOURCES BHD [] (AZRB) has initiated legal actions against Saudi Arabia's Alfaisal University over the latter's decision to liquidate the performance and advance bonds totalling 52.56 million riyals (RM43.94 million).
AZRB said on Friday, Sept 3 that the dispute arose over the contract agreement with the university for the Alfaisal University campus development project, phase one and two, in Riyadh.
It said that on Aug 23, Alfaisal University sent a letter to AZRB alleging a breach in the performance of the contract, which was strongly disputed by AZRB.'' On Sept 1, the university unilaterally liquidated the performance and advance bonds.
'The board views that the action of liquidating the bonds is equivalent to a breach of contract on the part of Alfaisal University. AZRB has initiated legal actions against Alfiasal University to protect and defend the interests of AZRB,' it said.
AZRB said on Friday, Sept 3 that the dispute arose over the contract agreement with the university for the Alfaisal University campus development project, phase one and two, in Riyadh.
It said that on Aug 23, Alfaisal University sent a letter to AZRB alleging a breach in the performance of the contract, which was strongly disputed by AZRB.'' On Sept 1, the university unilaterally liquidated the performance and advance bonds.
'The board views that the action of liquidating the bonds is equivalent to a breach of contract on the part of Alfaisal University. AZRB has initiated legal actions against Alfiasal University to protect and defend the interests of AZRB,' it said.
No comments:
Post a Comment