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Top court sets aside US$1.48 million arbitration award over breach of natural justice
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The sum had been payable by the India-based buyer of 20,000 tons of coal who failed to remit the sum to a Singapore bank.
PHOTO: AFP
SINGAPORE- In a rare case cancelling an arbitration award, the top court here set aside US$1.48 million (S$2 million) awarded to a bank as a breach of natural justice and, in doing so, affirmed a High Court judgment.
The sum had been payable by the India-based buyer of 20,000 tons of coal who had failed to remit the sum to a Singapore bank that had inherited the trade debt.
