The Malaysian pay-TV broadcaster Astro All Asia Networks has been awarded US$230m by a Singapore arbitrator in its legal battle with the Indonesian Lippo Group.
The Singapore International Arbitration Centre ruled that Astro was owed the money from the…
The Malaysian pay-TV broadcaster Astro All Asia Networks has been awarded US$230m by a Singapore arbitrator in its legal battle with the Indonesian Lippo Group.
The Singapore International Arbitration Centre ruled that Astro was owed the money from the investment it made into setting up a pay-TV venture with Lippo Group subsidiary PT First Media, a cable and broadband company.
In March 2005, Astro agreed to take a 51% stake in First Media’s new pay-TV unit PT Direct Vision, which held a broadcast licence. However, after a while the venture fell through, and Astro alleged that it was never able to take ownership of its stake in Direct Vision despite supplying it with services, including satellite capacity and set-top boxes, and preliminary investment.
In October 2008, Astro initiated legal proceedings against First Media. The former will now file an appeal with Indonesia’s Central Jakarta District Court to enforce the Singapore body’s verdict.