JAKARTA (Yosefardi) – Legal battle between founder of Lippo Group James Riady and his Malaysian former business partner Ananda Krishnan enters the final chapter.
In the latest verdict, James Riady has once again affirmed his victory in Indonesian court against Krishnan’s Astro Malaysia Holdings Berhad.
The Supreme Court recently diminished Astro’s hope to claim US$303 million from Riady’s PT First Media Tbk. in Indonesia.
On the verdict, the court declared the ruling of Singapore International Arbitration Centre (SIAC) cannot be executed in Indonesia’s jurisdiction.
In February 2010 SIAC awarded US$303 million compensation to Astro. Astro, however, sees a brighter future despite the current lost on litigation process.
The Malaysian company played down the loss and stated that Indonesia is the only one out of five jurisdictions relevant to the case not to allow the enforcement of SIAC’s awards.
Astro and Lippo are also involved in legal feud in Singapore, Malaysia, Hong Kong and United Kingdom.
Respodning to the verdict, Astro will likely file another legal action. On the advice of it’s Indonesian counsel, Astro believes that there is a strong ground to seek legal recourse and challenge the decision of the Supreme Court.
The case started with ambitious project of pay TV service in. In 2006 Astro and Lippo’s unit established PT Direct Vision in Indonesia. However, the partnership turned into sour and series of court and arbitration process. (indrab@yosefardi.biz)