Date : 15 June 2011
MATERIAL LITIGATION TALIWORKS CORPORATION BERHAD (“the Company”) - Arbitration between Puresino (Guanghan) Water Co., Ltd (“Puresino Guanghan”) and Sichuan Watson Environmental Engineering Co., Ltd (“Sichuan Watson”) Applicant : Puresino Guanghan Respondent : Sichuan Watson
|TALIWORKS CORPORATION BERHAD|
|Description||TALIWORKS CORPORATION BERHAD (“the Company”)|
- Arbitration between Puresino (Guanghan) Water Co., Ltd (“Puresino Guanghan”) and Sichuan Watson Environmental Engineering Co., Ltd (“Sichuan Watson”)
Applicant : Puresino Guanghan
Respondent : Sichuan Watson
Further to the announcement made by the Company on 26th January 2010 in relation to the above matter, we wish to update the Exchange that the Company had on 14th June 2011 received the decision in respect of the above from the Beijing Arbitration Commission dated 8th June 2011. The details of the decision are as follows:-
1. The Applicant is entitled to deduct 1,059,000 Yuan from the total purchase price of the equipment payable to the Respondent for the purchase of high-low voltage power distribution boards and other electrical equipment.
2. The Respondent shall issue a receipt in the sum of 11.81 million Yuan to the Applicant within 10 days upon receipt of the decision.
3. The Beijing Arbitration Commission has dismissed all other claims by the Applicant.
4. The arbitration cost of 127,344.3 Yuan (which was prepaid by the Applicant) shall be borne by the Applicant and the Respondent in the proportion of 80% and 20% respectively. The Respondent is required to pay 20% of the arbitration cost or 25,468.86 Yuan to the Applicant within 10 days upon receipt of the decision. Any delay in payment shall be dealt with in accordance with Article 229 of the People’s Republic of China Civil Procedure Law.
None of the Directors or substantial shareholders of the Company or persons connected to them has any interest, direct or indirect, on the above.
This announcement is dated 15th June 2011.
|Company Name||TALIWORKS CORPORATION BERHAD|
|Date Announced||15 Jun 2011|