Posted by akito > 2013-11-02 14:56 | Report Abuse

Satellite television company Astro will get less than 0.3% of the US$250 million (RM793 million) it had sought from Indonesia's Lippo group, ruled Singapore's Court of Appeal yesterday. The three-judge panel made the ruling over a dispute involving a failed joint venture between Astro and Lippo in the satellite TV business in Indonesia. According to a report by financial wire Bloomberg, the court ruled that Lippo Group’s two units PT First Media (KBLV) and PT Ayunda Prima Mitra only had to pay about US$700,000 (about RM2 million) to Astro. Last year, a Singapore court upheld Astro’s arbitration award against Lippo, its former Indonesian partner, instructing Lippo to pay US$250 million. The sum was awarded in February 2010 to Astro by the Singapore International Arbitration Centre, following the fallout over the failed TV joint venture. Eight Astro units sued three units of Lippo to enforce the arbitration award in Singapore. According to Bloomberg, Chief Justice Sundaresh Menon, in his 119-page ruling, said that three of the Astro units had no arbitration agreement with First Media. Astro Group is owned by billionaire Malaysian tycoon Ananda Krishnan while the Lippo Group is led by Indonesian tycoon James Riady. - November 2, 2013. ??????????????????????????????????????????????????????????????????? **** Nowadays businessmen doing business with Malaysian businessman especially UMNO cronies want their court cases to be decided & settled once & for all in Singapore & NOT Malaysia. That's the way it is now always and what does it tell you of our Malaysian courts???? You guess is as good as mine?