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Singapore eDevelopment faces S$2.8m payment demand
http://www.businesstimes.com.sg/com...lopment-faces-s28m-payment-demand-from-coface
Singapore eDevelopment Limited said it has been informed by insurer of a performance bond guaranteed by the group that HDB has demanded payment of S$2.8 million by insurer under the performance bond.
This performance bond was issued in relation to the building works at Jurong West Neighbourhood 2 Contract 19 undertaken by CCM Industrial Pte Ltd (CIPL), a previously wholly-owned unit that was disposed off in May last year. The demanded sum is a partial sum claimed against the guaranteed sum of S$3.41 million under the Jurong West Performance Bond. HDB has reserved its right to make further claims against its remaining balance.
http://www.businesstimes.com.sg/com...lopment-faces-s28m-payment-demand-from-coface
Singapore eDevelopment Limited said it has been informed by insurer of a performance bond guaranteed by the group that HDB has demanded payment of S$2.8 million by insurer under the performance bond.
This performance bond was issued in relation to the building works at Jurong West Neighbourhood 2 Contract 19 undertaken by CCM Industrial Pte Ltd (CIPL), a previously wholly-owned unit that was disposed off in May last year. The demanded sum is a partial sum claimed against the guaranteed sum of S$3.41 million under the Jurong West Performance Bond. HDB has reserved its right to make further claims against its remaining balance.
