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CSC unit awarded S$36.1m after arbitration

CSC Holdings said on Friday that its wholly owned subsidiary, L&M Foundation Specialist (LMFS), has been awarded S$36.1 million - the result of arbitration proceedings that it started against a third party in 2009.

LMFS's accounting records reflect S$39.3 million as the net contract sum for the project in question. So, the group will have to provide for the difference of S$3.2 million for the financial year ending March 31, 2015.

LMFS is currently obtaining legal advice regarding the award, and CSC's board said that it would update shareholders and investors of any material developments.