BANGKOK, Jun 30, 2021 - (ACN Newswire) -  The Singapore Court of Appeal has rendered a final decision absolving Nop Narongdej of an obligation to make a compound payment for the purchase of shares in Wind Energy Holding (WEH) on the ground that the ICC's Arbitral Tribunal decision was taken 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 Arbitral Tribunal decision ordering Fullerton Bay Investment Limited (Fullerton) and KPN Energy Holding Co., Ltd. (KPNEH) 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 payment 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 Arbitral Tribunal without authority to deliberate the matter of compound payment and therefore its decision on the 'Remaining Amounts' has no legal effect. The consequent Tribunal decision ordering Fullerton and KPNEH to pay the arbitration costs was also revoked by the Singapore Court of Appeal.

For his part, Mr Nop commended the decision for upholding justice, resolving the dispute with the previous shareholder which had posed an obstacle to a WEH listing on the Stock Exchange of Thailand.

FBLP is a nationally recognized law firm for business since 2000.
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