CSE Global (SGX:544) said it agreed to an US$8m final settlement of all claims with a customer of its automation subsidiary Hankin for delays in contracted work. See CSE's announcement dated 09 Sep.
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Delay in performance of contracted works
Hankin was engaged by the claimant to perform certain engineering, materials procurement and installation services on a construction project in the US for which the Claimant was the general contractor. It alleged that it suffered losses due to Hankin’s delay in its contracted works.
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The claimant issued arbitration proceedings in the US on 3 Sep 2024 and on 8 Sep 2024, a full and final settlement of all claims for US$8m was reached, subject to the execution of a written settlement agreement and release by the parties. This payment will be reflected in CSE’s FY24E numbers.
Internal processes need improvement
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