Binding final decision absolves Mr Nop of any obligation
The Singapore Court of Appeal has rendered the final decision absolving Nop Narongdej of obligation to make compound payments for the purchase of shares in Wind Energy Holding (WEH), on the grounds that the ICC Tribunal award was made in excess of jurisdiction.
Mr Pokpak Thongbhakdee, attorney-at-law for FBLP, the legal counsel for the case, reports that the Singapore Court of Appeal revoked the ICC’s Arbitral Tribunal decision ordering Fullerton Bay Investment Limited (Fullerton) and KPN Energy Holding Co., Ltd. (KPNEH), both under Mr Nop, to pay ‘Remaining Amounts’ and ‘Compound Interest’ under an agreement to purchase shares in Wind Energy Holding Group (WEH), then held by Mr Nopporn Suppipat’s companies. The Tribunal order amounted to USD525 million plus interest as well as the costs of the arbitration.
The Singapore Court of Appeal ruling is binding. In a complex ruling, the Court of Appeal found the Tribunal without authority to deliberate matters of Compounded Payments and therefore the decision on the Remaining Amounts has no legal effect. The Tribunal decision ordering Fullerton and KPNEH to pay arbitration costs was also revoked by the Singapore Court of Appeal.
For his part, Mr Nop commended the Singapore Court for upholding justice in its decision, thereby clearing his name and resolving the dispute with the previous shareholder of WEH, which had posed an obstacle to previous efforts to list the company on the Stock Exchange of Thailand.
FBLP is a nationally recognized law firm for business since 2000.
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