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.
Published : June 30, 2021
By : The Nation