Reference is made to TRC Synergy Berhad’s (“TRCSB” or “the Company”) announcement dated 29 January 2020 pertaining to the commencement of arbitration proceeding by the Company’s wholly-owned subsidiary namely Trans Resources Corporation Sdn Bhd (“TRC”) as 1st Claimant to resolve its disputes with the Brunei Economic Development Board (“BEDB”).

The Board of Directors of TRCSB wishes to announce that TRC had received on 21 January 2023 the Final Award dated 16 January 2023 from Singapore International Arbitration Centre (“Tribunal”), where the Tribunal has issued the following orders for TRC as 1st Claimant: 

(a) That BEDB is not entitled to levy any liquidated damages under the contract;

(b) That BEDB shall within 14 days of the Final Award pay to the Claimants the following sums :

(i) B$13,000,000 together with simple interest at the rate of 5.33% per annum from 23 October 2017 until the date of full payment;

(ii) B$ 3,344,000 together with simple interest at the rate of 5.33% per annum from 23 May 2018 until the date of full payment;

(iii) S$ 2,247,518.81 being the legal and other costs awarded to the Claimants. If the sum of S$ 2,247,518.81 is not paid within 14 days of the Final Award, simple interest at the rate of  5.33% per annum shall be payable immediately thereafter until the date of full payment; 

(iv) S$ 75,239.99 being the Respondent’s share of the Claimants’ costs of arbitration. If the sum of S$ 75,239.99 is not paid within 14 days of the Final Award, simple interest at the rate of 5.33% per annum shall be payable immediately thereafter until the date of full payment;

(c)   The Claimants’ claim for Prolongation Cost is dismissed; and

(d)   All other requests, reliefs and claims are hereby dismissed.

The announcement is dated 30 January 2023.