S P Setia announce that SPD, a wholly-owned subsidiary of Setia Putrajaya Sdn Bhd, which in turn is a 60% joint venture company of S P Setia had issued a Notice of Arbitration against Putrajaya Holdings.
The notice is based on the agreement both parties entered in 18 December 2002, where SPD entered into a Development Agreement with PJH to which SPD was granted development rights over certain lands in Putrajaya where it had paid.
However the developer asserted that by reason of the breach of the agreement by PJH, SPD has suffered damage and losses.
SPD is seeking RM69.5 million being damages for breach of contract and / or misrepresentation and general damages.