Singapore Flyer operator wins $8.2m in financial arbitration case

Award arises from dispute over claim against insurer for losses due to Flyer's breakdown

Besides the Singapore Flyer (left), Straco owns and operates the popular Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. Despite the headwinds of last year, the company's fundamentals and balance sheet remain strong.
Besides the Singapore Flyer (left), Straco owns and operates the popular Shanghai Ocean Aquarium, Underwater World Xiamen and Lintong Lixing Cable Car. Despite the headwinds of last year, the company's fundamentals and balance sheet remain strong.ST PHOTO: NG SOR LUAN

Mainboard-listed tourism player Straco Corp, 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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A version of this article appeared in the print edition of The Straits Times on June 10, 2021, with the headline 'Singapore Flyer operator wins $8.2m in financial arbitration case'. Subscribe