Kori Holdings Unit Faces Arbitration Over Subcontract Dispute

MT Newswires07-06

Kori Holdings (SGX:5VC) revealed that its subsidiary, Kori Construction, received a notice of arbitration from the Singapore International Arbitration Centre, filed by China Railway First Group, on a dispute over a subcontract for the North-South Corridor, which connects Marymount Lane and Pemimpin Place.

China Railway claims SG$3.8 million in project costs. Kori Construction has filed counterclaims worth SG$9.2 million, according to a Friday filing with the Singapore Exchange.

Additionally, China Railway has filed a prima facie objection, challenging the applicability of the arbitration agreement to SG$7.1 million of Kori's counterclaim.

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