Multiplex has still to reach financial settlement with at least five key contractors on its Wembley stadium project.
It is understood that there are a host of outstanding issues on the project, which was completed more than a year late in May. An insider said this week that the difference between Multiplex’s own claims and proposed final account settlements, and those against it, is likely to be in the region of £80-90m.
The sum includes a £33m writ issued against Multiplex by M&E contractor Honeywell last week, claiming damages and breach of contract.
The outstanding issues will come as a blow to Multiplex’s new owner, Canadian firm Brookfield Asset Management, which is poised to take over the firm for Aus$7.3bn (£3.1bn), including debt.
A source close to the company this week speculated that Brookfield would attempt to settle the cases quickly so as to begin its tenure with a clean slate.
Multiplex is yet to settle a number of other disputes with subcontractors
Multiplex has been involved in a series of legal actions related to cost and time overruns on the project during the past year. It won the first part of a case against steel contractor Cleveland Bridge UK last summer after Judge Jackson ruled that Cleveland Bridge was guilty of a repudiatory breach of contract by walking off the project in August 2004.
The second part of the trial, which will involve the award of damages, will be heard at the end of the year.
Multiplex said: “We do not recognise a figure of £80m. If anyone owes anyone anything then individuals or companies will be owing Multiplex money.”
Mott MacDonald, PC Harrington and Lindner were unavailable for comment.
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