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ENGINEERING firm Boustead Projects on Wednesday said it has reached a settlement with a customer over a dispute first disclosed in March 31, 2015.
As a result, the earlier projected net payment of about S$3.2 million if the arbitral tribunal ruled in favour of the customer, would no longer apply. No payment would be sought from either party.
This was related to a warehouse construction project in Singapore undertaken by the company in 2008. The customer had "commenced or purported to commence" arbitration proceedings against the company.
"The company has reached an amicable settlement with the customer and entered into a settlement agreement" on Wednesday, it said. Through this settlement, both parties will not admit liability.