Industrial
Concrete Products Bhd (ICP) has refuted claims by Concrete
Engineering Products Bhd (Cepco) that it has yet to pay RM1.45
million of a judgement sum due from a litigation case.
ICP was
responding to an announcement made by Cepco on Jan 10 that it
had received RM15.30 million and the balance of RM1.45 million
would be received in due course from ICP.
“There is no
further sum to be paid by ICP to Cepco. This is all
misleading,” said ICP director Datuk Krishnan Tan at a
hurriedly arranged press conference in Petaling Jaya on Jan
11.
He said ICP had
deposited the total judgement sum of RM14.33 million in a
joint solicitors account for Cepco. The amount comprised
RM11.53 million being the consent judgement sum and RM2.80
million in interest.
“We have given
the consent for Cepco to claim the amount from the joint
solicitors account. It’s now out of our hands,” he
said.
He said according
to ICP estimate, the amount would have grown to RM15.24
million with interest accrued to Oct 30, 2005.
ICP and Cepco
were involved in a two-year court battle, with ICP claiming
for breach of contract and for specific performance of a
management agreement dated June 5, 1996.
The RM11.53
million judgement sum was for the value of Cepco’s goods sold
by ICP for the period when ICP managed Cepco’s piles and poles
operations.
Published by the 
group of companies 
