Southern Cross Electrical Engineering Limited (AU:SXE) has released an update.
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Southern Cross Electrical Engineering Limited’s subsidiary, Heyday, has initiated arbitration against the CPB Dragados Samsung Joint Venture due to significant additional costs incurred during the WestConnex M5 motorway tunnel project in Sydney. Heyday is seeking $22 million for delays and disruptions caused by project mismanagement. The company anticipates this dispute will be resolved within the financial year through expedited arbitration proceedings.
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