Malaysian billionaire T. Ananda Krishnan’s Astro group won a Singapore court ruling upholding a $250 million arbitration award against Lippo Group, its former Indonesian partner.
A three-member arbitration tribunal in 2010 ruled against Lippo for a failed television venture. Toby Landau, Lippo’s lawyer, argued a time limit to oppose the arbitration award didn’t apply in the case and that the company hadn’t agreed to arbitration.
Once the time limit has passed, the tribunal’s decision is taken as accepted by the parties and there is no possibility of further recourse, Singapore High Court Justice Belinda Ang wrote in an 85-page ruling today.
Astro started the Singapore arbitration a month after Lippo sued companies and individuals linked to Krishnan in Indonesia in September 2008 seeking the return of its investment in the pay-TV venture. To enforce the awards, Astro sought orders from courts including in the U.K., Hong Kong, Malaysia and Singapore.
Krishnan’s Astro All Asia Networks Plc had said it ended the venture after its Lippo partners failed to pay 805 million ringgit ($264 million) in bills.
The Singapore cases are Astro Nusantara International BV v PT Ayunda Prima Mitra OS807/2010 and OS913/2010. Singapore High Court.
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