Wednesday, February 17, 2010

Arbitration Tribunal orders Lippo to pay Astro

Astro All Asia Networks Plc told Malaysian stock exchange last Friday that it had received a further award from the Singapore International Arbitration Center ordered Lippo Group subsidiaries to pay Astro in the amount of Rp6 billion in in relation to the costs incurred at the preliminary hearing in an arbitration proceeding.
Astro brought companies associated with Lippo Group to SIAC over the failure to complete a proposed joint venture in PT Direct Vision. The award, dated February 5, 2010, ordered the respondents, PT Ayunda Prima Mitra (APM), PT First Media (KBLV) Tbk, and PT Direct Vision (DV) to pay Astro RM2.22 million.
"This follows an earlier ruling in May 2009 after a preliminary hearing in April of that year in which Astro and its associated companies received an award from the arbitral tribunal which made it clear by rejecting the challenge to its jurisdiction and confirming that it had jurisdiction to hear and determine any dispute within the scope of the agreements between Astro associates and the Lippo Group," said Todung Mulya Lubis, counsel to Astro in Indonesia, in a statement.
Astro received a further partial award on October 3rd, 2009, in which the arbitral panel confirmed, among others, that there is no continuing binding JV agreement between APM, KBLV, and Astro affiliates and therefore there is no obligation from Astro or their affiliates to provide cash advances and/or the supply of services to PT Direct Vision.
Last week, West Jakarta District Court dismissed the claim brought by SkyVision against Astro All Asia Networks Plc and several others, on the grounds that, amongst others, Skyvision lacks legal standing to bring the action. Skyvision is at liberty to file an appeal within 14 days.
PT MNC Sky Vision filed an objection against AAN and its subsidiary, All-Asia Multimedia Networks FZ-LLC, and several others to the ruling by the KPPU of August 20, 2008.

Labels: ,



Post a Comment

<< Home