Registration No. 200301030845 (633265-K) - 143 - 37. Material Litigation (i) Singapore International Arbitration Centre Suit No. ARB181/24/VKH The Company and its indirect subsidiary, Destini Shipbuilding and Engineering Sdn. Bhd. (“DSBE”) (collectively, “Respondents”) were both served by the Claimant with a Notice of Arbitration dated 8 May 2024 (collectively, “Notices of Arbitration”) for disputes arising out of or from the following agreements: - (a) Material Packages Contract dated 21 June 2017 entered into and made between the Claimant and DSBE; and (b) Corporate Guarantee dated 23 November 2017 given by Destini. The Claimant has claimed for the following reliefs in the Notices of Arbitration: (a) A sum of €3,032,905.50 as at 12 February 2024, the breakdown of which is as follows: (i) €1,000,000 being the outstanding sum under the Invoice; (ii) €1,736,567.28 being interest on the sum of €6,784,522 from the date the unpaid Invoice was due until the date the Claimant mitigated its loss; (iii) €58,083.05 being interest on the outstanding sum of €1,000,000 under the Invoice from 21 August 2023 to the last date of demand being on or about 12 February 2024 and the Claimant reserves its rights to ongoing accrual of interest until the date of award by the SIAC; and (iv) €258,530.00 being storage, transportation and insurance costs of the goods under the Material Packages Contract from 15 March 2020 until August 2023 when the Claimant mitigated its loss; NOTES TO THE FINANCIAL STATEMENTS DESTINI BERHAD 256 ANNUAL REPORT 2026
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