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Intraco wins additional S$3.2m award in long-standing dispute
AN arbitration tribunal has awarded Intraco a final award of S$3.2 million in interest in the trading company's dispute with privately held Timor Global over a 2007 joint venture agreement.
Intraco had already been awarded a sum of S$6.6 million in March out of its total claim of S$9.8 million against Timor Global, but that was before interests and costs.
The arbitration tribunal on has now awarded Intraco an additional S$3.2 million in interest as at June 24, 2015, with total daily accruing interest of S$1,181.68. Timor Global must also pay Intraco's legal costs and expenses of S$366,490.94 and S$95,117.07 in arbitration costs.
Intraco has already received S$3.2 million.
Intraco does not expect a material impact on its results for the year ending Dec 31.