Written by Staff Writer
24 May, 2019 | 8:52 pm
Colombo (News 1st): The Singapore Court of Appeal dismissed an arbitration claim made by Avant Garde Maritime Services Private Limited against Rakna Arakshaka Lanka Limited, which is affiliated to the Ministry of Defence, for a sum of US$ 05 Million.
MV Mahanuwara chartered and operated by Avant-Garde in 2015 was detained and docked in the Galle Harbour in connection to the investigation carried out into the legitimacy of the Galle Floating Armoury Project.
According to a statement, Avant Garde requested a Letter of Clearance from Rakna Lanka to prove the legitimacy of the Floating Armoury operation and thereafter commenced arbitration proceedings in Singapore against the latter citing breach of the agreement.
On November 29th 2016, an Arbitral Tribunal ordered Rakna Lanka to pay Avant-Garde US$ 5 million.
Rakna Lanka following an appeal to the Singapore High court made an appeal to the Singapore Appeal Court challenging the arbitral award.
In its ruling, the Appeal Court of Singapore dismissed the Singapore International Arbitration Centre award of US$ 5 million and also awarded costs to Rakna Lanka.
18 Jun, 2019 | 08:47 AM
12 Sep, 2018 | 09:15 PM
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