Boustead wins suit over Libya contract

It put a halt to project when civil war broke out in 2011 but was sued by Bahrain bank for payment

Published Wed, Mar 11, 2015 · 09:50 PM

Singapore

ENGINEERING and infrastructure firm Boustead Singapore has won a US$18.8 million dispute with Bahrain bank Arab Banking Corporation.

The four-year-long dispute, involving lawsuits and counter-suits by both parties, was brought to a close on Wednesday, when the Singapore High Court dismissed the bank's claim against the firm as "unconscionable".

The dispute had started from a S$300 million contract that Boustead had entered into in 2007 through a joint venture to build a township in Libya.

Then, the company, through Libyan bank Arab Banking Corporation, provided two separate counter-guarantees for advance payment and performance to Libya's Bank of Commerce and Development.…

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