Lippo to appeal $250m pay-TV ruling
Louise Duffy | 25-10-2012
Indonesian conglomerate Lippo Group has said it will appeal against a court ruling upholding a decision to award Malaysia's Astro group $250m over a failed joint pay-TV venture.
Lippo spokesman Harianda Noerlan told AFP the company would challenge the Singapore High Court's decision backing an arbitration tribunal that sided with Astro.
"We are very disappointed with (the) ruling as there was enough evidence to prove that the (arbitration) ruling is unlawful," he said.
Lippo and Astro joined forces to set up a pay-TV business in Indonesia in 2005 but the venture did not last beyond 2008. In that time Astro said it funded the business at the request of Lippo and sought arbitration in Singapore to recover its expenses.
In 2010 the Singapore International Arbitration Centre awarded the money to Astro's owner, Malaysian billionaire Ananda Krishnan.
However Lippo's lawyers said the court lacked jurisdiction and did not appeal within the deadline, saying the time limit did not apply in the case.
On Monday at Singapore's High Court, judge Belinda Ang said the arbitration body's award was "final and binding".