Singapore's listed Ramba Energy Ltd. disclosed Thursday that the Singapore International Arbitraton Center (SIAC) has made a partial final award pursuant to the arbitration proceedings launched by Super Power Enterprises Group Ltd. (SPE) against the firm's Indonesian subsidiary PT Hexindo Gemilang Jaya.
"The tribunal has, inter alia, reduced the damages from SPE’s initial claim of $218 million to approximately $13 million," Ramba said in the press release.
In addition, Hexindo has to pay SPE $12,984,963 within 30 days from the date of the award as well as interest on the sum awarded to SPE at LIBOR plus 3 percent compounding monthly for the period from Aug. 26 to Aug.1 and SPE's legal fees amounting to $860,903.87 (GBP 656,060.40) within the same time frame.
Hexindo's other payments for SPE’s disbursements includes a sum of $32,668.60 (GBP 24,895.43), $74,391 and $6,364.82 (SGD 8,540). If the amount outstanding under the award is not paid within 30 days from the award, Hexindo will have to pay SPE interest on that amount at 5.33 percent per annum starting 30 days from the award date until the sum awarded to SPE is satisfied.
Ramba said the award is pending enforcement by SPE and that Hexindo is currently obtaining legal advice on the matter.
Hexindo is the operator of the Lemang Production Sharing Contract in Sumatra, Indonesia.
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