SINGAPORE (Yosefardi) – Singapore International Arbitration Centre has awarded in favour of Equation Resources Pte. Ltd. (ERPL), a subsidiary of Equation Corp Limited, in respect of its claims against PT Kawasan Dinamika Harmonitama (KDH) arising from KDH’s breaches of the Agreement.
Under the award, KDH has been ordered to pay ERPL the following sums:
(1) S$12,692,756.00 and interest of 6% per annum to be computed from 01st March 2012 till the date of payment;
(2) S$200,000.00 as legal and other costs, and
(3) S$193,160.00 as costs of arbitration.
ERPL is being advised by its solicitors on the next steps to enforce the Award in Indonesia and the Board will disclose the financial impact of this matter (if any) when it is able to assess the progress and outcome thereof.