OKP unit awarded S$43.8 million from arbitration over 2017 PIE worksite accident
OR KIM Peow Contractors, a unit of OKP Holdings : 5CF 0%, has been awarded S$43.8 million over an arbitration case on a 2017 accident involving the Pan-Island Expressway (PIE) viaduct collapse.
An arbitration tribunal ordered consultancy services company CPG Consultants to pay the full sum to the company within 28 days from Mar 3, the mainboard-listed company said in a bourse filing on Monday (Mar 6).
In July 2017, a road viaduct under construction collapsed near the PIE exit to the Tampines Expressway, killing one worker and injuring 10 others. OKP Holdings clinched the viaduct project in 2015 for S$94.6 million. CPG had been engaged by the OKP unit to provide design services for a contract related to the accident.
The tribunal also ordered CPG to pay the company post-award interest on the total sum, calculated on a simple basis from Mar 31 until the date of payment, at a rate of 5.33 per cent per annum.
The payment is expected to have a positive impact on the financial performance of the group for the current financial year ending Dec 31, 2023, said OKP.
Shares of OKP closed S$0.005 or 2.9 per cent higher at S$0.178 on Monday before the announcement.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Microsoft adds security chiefs to product groups in wake of hacking woes
Singapore shares climb at Friday’s open; STI up 0.2%
A timeline of DBS’ recent banking glitches