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M&R dispute with Middle East client turns ugly


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M&R dispute with Middle East client turns ugly
Bank account of JV in which M&R has 30% stake debited AED474m (R1.95bn) ‘without formal notice’ and paid to client.
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Group says the debit has put the account into overdraft of an equivalent amount. Image: Shutterstock
A dispute between a Murray & Roberts (M&R) joint venture and a Middle East client, which last year issued a notice to the JSE-listed group’s Abu Dhabi-based company to draw down on two guarantees worth 474 million United Arab Emirates Dirham (AED) for a completed project in the region, has turned ugly. ....

Ghana General , South Africa , Wild Coast , Eastern Cape , United Arab Emirates , Abu Dhabi , Murray Roberts , Habtoor Leighton Group Murray Roberts Contractors , Agency Sanral , Middle East , Abu Dhabi Based , United Arab Emirates Dirham , Habtoor Leighton , Roberts Contractors , Roberts Limited , Sheikh Shakhbout Medical City , Group Five , Aveng Stabag Joint Venture , Mtentu River Bridge , Roads Agency , கானா ஜநரல் , காட்டு கடற்கரை , கிழக்கு கேப் , ஒன்றுபட்டது அரபு அமீரகங்கள் , முர்ரே ராபர்ட்ஸ் , நடுத்தர கிழக்கு ,