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Aspial unit moves to fend off S$545,000 claim from bankrupt contractor
ASPIAL said on Friday that its unit World Class Land (WCL) has been named a defendant in the winding-up proceedings commenced by the liquidators of Authentic Builder.
Authentic Builder is claiming a sum of S$545,000 in connection with the works done for the development at Waterfront @ Faber. It had been engaged by WCL as the main contractor of the project in 2014, prior to Authentic Builder being placed in liquidation.
Aspial and WCL said they are of the view that the claim is without merit.
"The Company's and WCL's position is that the amounts claimed have either been paid by WCL to Authentic Builder, or are not payable to Authentic Builder," they said.
Given that there is a bona fide dispute in respect of the claim, Aspial and WCL are of the view that the proceedings ought to be dismissed, they said. WCL will be instructing its solicitors to apply to dismiss the proceedings.
Aspial shares closed flat at S$0.16 on Friday.