Brief: Geotech Holdings Says Development Bureau Recommended Regulating Actions Against Geotech Engineering

Geotech Holdings

30/07/2021 14:10

July 30 (Reuters) - Geotech Holdings Ltd  1707.HK :
    * DEVELOPMENT BUREAU HAS RECOMMENDED AND GROUP WILL ACCEPT
REGULATING ACTIONS AGAINST GEOTECH ENGINEERING
    * GEOTECH ENGINEERING REFRAIN FROM TENDERING FOR PUBLIC
WORKS
CONTRACTS UNDER "LANDSLIP PREVENTIVE/REMEDIAL WORKS TO
SLOPES/RETAINING WALLS"
    * REFRAIN FOR A PERIOD OF EIGHT MONTHS WITH EFFECT FROM AND
INCLUDING 4 AUGUST 2021
    * GEOTECH ENGINEERING TO CONDUCT AT ITS OWN EXPENSE
INDEPENDENT
SAFETY AUDIT AT SITE LEVEL TO DEMONSTRATE PROPER EXECUTION OF
WORKS AT HEIGHT
    * SUSPENSION FROM TENDERING TO BE LIFTED AFTER EXPIRY EIGHT-
MONTH
PERIOD, OR UNTIL DB IS SATISFIED WITH OUTCOME OF INDEPENDENT
SAFETY AUDIT
    * SAYS  SUSPENSION MAY TO CERTAIN EXTENT AFFECT SHORT-TERM
ABILITY
TO UNDERTAKE LPM PROJECTS FROM PUBLIC SECTOR AS A MAIN
CONTRACTOR
    * SAYS  CAN MANAGE TO KEEP NEGATIVE IMPACT FROM DB
SUSPENSION
MINIMAL

Source text for Eikon:  ID:nHKS78hfFl 
Further company coverage:  1707.HK 

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