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$22.00 cimic group limited

may jump back to $36 on the HY report date, page-17

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gttrain

9,428 Posts.

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14/07/16

11:52

Post #: 18267904
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Originally posted by gungadin ↑

Might be a lot bigger than a rat, been going on for sometime, but things seem to be coming to a boil...good luck!

CIMIC faces lawsuit from Middle East partner
Australian construction giant CIMIC Group, formerly Leighton Holdings, is facing a damaging lawsuit launched by a partner in its besieged billion-dollar Middle East joint venture.
The partnership, which was struck in 2007, started to deteriorate soon after the global financial crisis in 2008 when some big projects started to go off the rails, prompting write-downs and finger pointing
On Tuesday Al Habtoor Holding launched legal action against CIMIC and the joint venture itself, Habtoor Leighton Group (HLG).
HLG employs more than 20,000 people, making it one of the biggest construction groups in the Middle East. It has more than $2.4 billion of work in hand.
Al Habtoor Group confirmed to Fairfax Media that a lawsuit had been filed in the United Arab Emirates but would not say on what grounds or for how much. It said the legal action would include individuals. (!)
However, speculation is rife that the legal action will get ugly and throws into doubt ongoing financial support of the joint venture...........

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The locality of the court puts into question the type of hearing they will receive.

CIM Price at posting: $32.45 Sentiment: None Disclosure: Not Held
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