Arbitral Tribunal’s irregular decision ordering Nop Narongdej to make substantial payments to Nopporn Suppipat has been revoked by the Singapore Court of Appeal
The Singapore Court of Appeal has rendered a final and binding decision absolving Nop Narongdej of an obligation to make a bonus payment of 525 million USD for the purchase of shares in Wind Energy Holding Group from Nopporn Suppipat’s companies on the ground that the Arbitration Tribunal’s decision was made in excess of jurisdiction.
Nop Narongdej praises the court for upholding justice. Mr. Pokpak Thongbhakdee, attorney-at-law of FBLP Legal, the legal counsel in the case, reports that the Singapore Court of Appeal has revoked the Arbitration Tribunal’s decision ordering Fullerton Bay Investment Limited (Fullerton) and KPN Energy Holding Co., Ltd. (KPNEH) under Mr. Nop Narongdej to pay the “remaining amounts” or “bonus payment” under an agreement to purchase shares in Wind Energy Holding Group (WEH) held by Mr. Nopporn Suppipat’s companies. The payment amounts to 525 million USD plus interest and all expenses incurred during the arbitration. The Singapore Court of Appeal’s decision is final.
In its ruling, the court says the Arbitration Tribunal has no authority to deliberate on the matter of bonus payment and therefore its decision on the remaining amounts has no legal effect. The Arbitration Tribunal’s decision ordering Fullerton and KPNEH to pay Mr. Nopporn Suppipat’s companies arbitration costs was consequently also revoked by the Singapore Court of Appeal.
On his part, Mr. Nop praises the Singapore court for upholding justice in its decision to clear his name and resolving the dispute between himself and the previous shareholder of WEH, which had posed an obstacle to previous efforts to list the company in the Stock Exchange of Thailand.