Indonesia ordered to pay Avanti Comms $21m
Avanti Communications Group
0.05p
16:49 17/09/19
-87.17%
-0.36p
Avanti Communications updated the market on its arbitration proceedings against the Indonesian Ministry of Defence on Thursday, confirming it was in line to receive a final award.
FTSE AIM All-Share
728.67
15:45 15/11/24
n/a
n/a
Mobile Telecommunications
1,979.89
16:59 24/01/22
1.09%
21.37
The AIM-traded firm had commenced arbitration proceedings under the London Court of International Arbitration Rules 2014 against the Ministry of Defence of the Republic of Indonesia on 9 August last year, in a bid to recover all sums payable to it under an agreement for lease of its ARTEMIS satellite.
“On 6 June 2018, the arbitral tribunal rendered a final award, ordering the Government of Indonesia to pay to Avanti the total sum of $20.075m,” its board said on Thursday.
“The award is payable by 31 July 2018.”