Ahmad Zaki told to pay Metronic Global unit RM5m

PETALING JAYA: Ahmad Zaki Resources Bhd has been ordered by an adjudicator to pay Metronic Global Bhd’s wholly owned subsidiary Metronic Engineering Sdn Bhd (MESB) a sum of 4.75 million Saudi riyals (RM5.05 million) within 30 days in relation to a non-payment dispute.
Metronic Global said in a stock exchange filing today that the adjudicator, who was appointed on Jan 17, in his adjudication decision on June 7, determined for Ahmad Zaki to pay MESB within 30 days.
MESB had on Nov 30, 2017 commenced an adjudication proceeding under the Construction Industry Payment and Adjudication Act 2012 against Ahmad Zaki for the 4.75 million Saudi riyal claim and interest at 5% per annum and fees incurred in pursuance to the adjudication proceeding.
The dispute arose from non-payment for works done and costs incurred by MESB for Al Faisal University Campus Development Project, Riyadh, Saudi Arabia.
On Bursa Malaysia today, Metronic Global’s share price gained 12.5% to close at 4.5 sen, while Ahmad Zaki gained 2.4% to 41 sen.