KUALA LUMPUR: LCL Corporation Bhd has terminated its S$43.1 million (RM104.7 million) contract at the Marina project in Singapore and has accepted S$1.86 million as the settlement sum from Marina Bay Sands (MBS) Pte Ltd.

In a statement yesterday, LCL said its subsidiary LCL Furniture (S) Pte Ltd (LCLS) had on the previous day inked the settlement agreement with MBS, whereby the parties mutually agreed to the termination of LCLS as the trade contractor for the interior fit-out packages, with retrospective effect from Nov 13.

LCL said the development was due to “inconceivable differences arising from financial commitments with MBS”.


This article appeared in The Edge Financial Daily, November 18, 2009.