ICP: No further payment for Cepco

AN official of Industrial Concrete Products Bhd (ICP) said yesterday it had made full settlement of a court award to Concrete Engineering Products Bhd (Cepco) and did not owe any further interest charges as claimed by the latter.  

“There will be no further payment of RM1.45mil as claimed by Cepco,” said ICP director and former managing director Lim Yong Keat. 

He was speaking at press conference in Petaling Jaya to clarify a Cepco’s announcement to Bursa Malaysia.  

In its announcement on Monday, Cepco said it had received RM15.3mil cash from ICP and expected to receive in due course the balance of RM1.4mil that was reportedly for interest charges.  

“We have settled all our obligations under the consent judgment with the money in the solicitors' account and have no further obligations except for (legal) costs,” Lim said. 

He added that the amount of RM17.91mil, as stated by Cepco, had no relation to the figures in the consent judgment recorded by the Kuala Lumpur High Court on Jan 26.  

In accordance to the court order, ICP had on May 21, 2002, paid RM14.3mil (being consent judgment of RM11.5mil plus 3.5% interest amounting to RM2.8mil) to the solicitors pending its court appeal.  

After the Court of Appeal’s decision in Cepco's favour, ICP consented to the release of the amount placed under the joint account.  

The total amount with interest accrued to Oct 30 is about RM15.2mil.  

CEPCO :  [Stock Watch]  [News]

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