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M&R Middle East operations still present a risk despite 2017 'exit'

Definitive withdrawal not possible until legal disputes are finalised. ....

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Murray & Roberts to pursue legal defences in Dubai and SA courts

Murray & Roberts to pursue legal defences in Dubai and SA courts
By Edward West
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CAPE TOWN - MURRAY & Roberts, which participated in a joint venture to construct the Al Mafraq Hospital in Abu Dhabi, said it would pursue legal defences in the courts in Dubai and South Africa, following an unexpected draw-down by the client of performance and loan guarantees of AED474 million (R1.97 billion).
This had placed the joint venture account into overdraft of an equivalent amount. M&R said yesterday in a statement that the pay-out under these bond securities
“is not expected to have any income statement impact, nor any direct cash flow implications for the group.” Early in 2020, Habtoor Leighton Group/Murray & Roberts Contractors (HLMR) joint venture submitted a claim against its client for the balance of the contract amount in the Abu Dhabi court. ....

South Africa , United Arab Emirates , Abu Dhabi , Habtoor Leighton Group Murray Roberts Contractors , Habtoor Leighton , Roberts Contractors , ஒன்றுபட்டது அரபு அமீரகங்கள் , ராபர்ட்ஸ் ஒப்பந்தக்காரர்கள் ,

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) âwithout formal noticeâ 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 groupâs 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. ....

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