Singapore Flyer operator awarded $8.2m in financial arbitration over breakdown and shutdown

The award arises from a dispute over the Singapore Flyer's operator's claim against its insurer for losses it suffered stemming from a breakdown in 2018.
The award arises from a dispute over the Singapore Flyer's operator's claim against its insurer for losses it suffered stemming from a breakdown in 2018.PHOTO: ST FILE

SINGAPORE - Mainboard-listed tourism player Straco Corporation, which operates the beleaguered Singapore Flyer, has won a financial arbitration case that could have a significant impact on its bottom line for the current financial year.

In an announcement to the Singapore Exchange a few days ago, Straco said it had been awarded some $8.2 million with interest at 5.33 per cent per annum from April 26, 2018, until the date of payment.

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