Announce
Announce

Disclosure Details:

PPSP is pleased to announce that the arbitration brought by Colben against PPSP has now been terminated.
The Singapore International Arbitration Centre has on 25 April 2022 made a Final Award as follows:

1. (a) Colben are to pay to PPSP the sums of SGD 472,500 and USD 112,576.57 in relation to the costs incurred by PPSP in consequence of Colben’s withdrawal of its claims in the Arbitration;
(b) PPSP’s Counterclaim is dismissed;
(c) PPSP is to pay Colben costs incurred in defending the Counterclaim in the sum of SGD 104,510.47; and
(d) the fees and expenses of the arbitral institution and the Tribunal incurred in the Arbitration are to be shared between the parties to the Arbitration in the proportions 75% by Colben, i.e. SGD 87,853.75, and 25% by PPSP, i.e. SGD 29,284.58.

2. The Final Award is in full settlement of all claims in connection with the Counterclaim by PPSP and also the Arbitration.

3. According to the Final Award, if the payments awarded in (a), (c) and (d) above are not made before 30 days after the date of the Final Award, post-award simple interest at a rate of 5.33% per annum will be accrued beginning 30 days after the date of the Final Award until such time as payment is made.

Please be informed accordingly.
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