KUCHING, Nov 10 (Bernama) — Sarawak Consolidated Industries Berhad (“SCIB” or the “Company”), a civil engineering specialist, today announced that the Company has mutually agreed with clients and subcontractors to terminate contracts of six projects located in Oman and Qatar after coming to terms on the full and final settlement of debts as well as the establishment of a schedule for amount owning between the parties to the contracts.
SCIB, together with the clients and subcontractors, agreed on the mutual termination of the contracts after taking into consideration COVID-19 restrictions that have severely curtailed availability of manpower as well as limiting travel and affecting management of the projects. The termination of the contracts entail that all parties acknowledge the debts owing as final and conclusive and to settle all debts among themselves.
