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PACC Offshore recovers S$3.4m from Kensteel Engineering
PACC Offshore Services said on Tuesday that it has recovered about S$3.4 million from Kensteel Engineering Pte Ltd, which is in liquidation. This follows PACC Offshore's Aug 6 announcement that the Singapore court had ruled in its favour on its counterclaim for the return of a deposit made to Kensteel over a failed property purchase.
In January 2015, PACC Offshore entered a sale and purchase agreement with Kensteel to acquire a property in Singapore, subject to Kensteel obtaining approval from then Jurong Town Corporation. Kensteel's application was rejected and PACC Offshore sought a refund of the deposit and GST paid under the agreement.
Kensteel claimed S$30.5 million. PACC Offshore contested this and made a counterclaim for the return of the deposit and GST paid, as well as for interest and costs.
On Aug 2, the High Court ruled that PACC Offshore was entitled to the return of the deposit and GST paid by Kensteel, and interest, with costs to be determined at a further hearing on Nov 13, 2018. Kensteel had also discontinued its claim against PACC Offshore and undertook not to bring any subsequent action against it.
In its Tuesday regulatory filing, PACC Offshore said it would make further announcements as and when appropriate.