Sembcorp Industries (SG:U96) has released an update.
Sembcorp Industries’ subsidiary GIWEL is embroiled in an arbitration process with Siemens Gamesa, with the latter amending its counterclaim to demand an additional refund of approximately S$47.5 million, raising the total counterclaim to S$365.4 million. Despite the increase in the counterclaim, Sembcorp remains confident in GIWEL’s ability to defend the case, with both GIWEL and Sembcorp’s management seeing no need for financial provisions as they consider the Vendor’s success unlikely.
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