<div class=newsTextDataWrapInner>KUALA LUMPUR (Nov 26): YFG Bhd announced that its subsidiary YFG Trolka Sdn Bhd will sue Palikota Sdn Bhd for terminating a RM255.9 million mixed real estate construction contract.</div>

<div class=newsTextDataWrapInner>The contract was awarded to YFG Trolka on August 1, 2013. It involved construction and completion of the "Jesselton Residences Waterfront" project, a commercial and 27-storey condominium development in Kota Kinabalu, Sabah.</div>

<div class=newsTextDataWrapInner>It YFG's announcement today to Bursa Malaysia, YFG said it had received the notice of termination from Palikota last Wednesday (November 19). 
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YFG is contesting the validity of the notice and would treat it as a repudiation of contract instead. YFG said it would sue Palikota for damages over the contract breach. 
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According to YFG, Palikota also served a notice to YFG's banker United Overseas Bank (M) Berhad to call upon the performance bond of RM12.8 million.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>In relation to this matter, YFG said it was granted an injunction by the KL High Court yesterday to prevent Palikota from calling the performance bond until YFG's breach of contract claim is heard and decided.</div>

<div class=newsTextDataWrapInner>The inter-parte injunction hearing was set on December 9 this year.</div>

KUALA LUMPUR (Nov 26): YFG Bhd announced that its subsidiary YFG Trolka Sdn Bhd will sue Palikota Sdn Bhd for terminating a RM255.9 million mixed real estate construction contract.

The contract was awarded to YFG Trolka on August 1, 2013. It involved construction and completion of the "...

YFG to sue Palikota over RM256mil contract breach

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More to come
...

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