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Boustead Projects unit taking advice on S$17.8 million letter of demand
BOUSTEAD Projects said on Friday that its wholly-owned unit Boustead Projects E&C received a letter of demand last Friday from the solicitors acting for Veolia ES Singapore Industrial for the payment of S$17.8 million in relation to liquidated damages for civil and associated works at its Singapore Hazardous Waste Treatment Facility.
As announced by the company on June 8, 2017, Boustead Projects E&C was awarded a contract from Veolia for the facility.
Boustead Projects E&C had earlier made a claim against Veolia, and the letter of demand was received amid ongoing proceedings between the two parties.
Boustead Projects E&C is seeking legal advice on this matter. Based on the initial advice received, it considers Veolia's claim to be unreasonable and not in accordance with the relevant contractual provisions.
Boustead Projects E&C intends to vigorously dispute Veolia's Claim.
The counter closed flat at S$0.79 on Friday.