Ann Joo’s arbitration case near its end with no gain from Chinese steelmaker

1 August 2017. Ann Joo Resources Bhd (“AJ”) has been ordered by the Arbitration Tribunal in China to pay a remaining sum of US$3.16 million under a contract with a Chinese steelmaker, following a two-year legal battle involving claims and counter-claims by the two companies. This is in relation to a contract where Tangshan is tasked to “Design, Supply, Install, Construct, Supervise, Train, Test and Commission a Blast Furnace Complex comprising Blast Furnace and Auxiliaries, a Sinter Plant and a Raw Material Yard” for AJ in Penang in 2008. The net principal sum payable by AJ to the respondent is actually part of the balance payable to the respondent for the completion of works under the contract and thus, is within and not more than the original contract price.

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