Betamax lodged its claim of Rs 5.4 billion against STC. It seems that things are moving fast on this file. In the aftermath of the Privy Council ruling in his favor against the State Trading Corporation, Vikram Bhunjun’s company, Betamax, lodged its claim with the STC. She intends to activate the Enforcement of the Award procedure of the Singaporean arbitration.
The note sent to the STC amounts to a total of Rs 5,460,480,523. This sum includes damages which is Rs 4,697,138,359 (USD 115,267,199), Legal Costs of Rs 174,001,026 but also interest which is accrued at 3% per year since the date of the Award was obtained, i.e. June 5, 2017.
According to this notice of complaints served by Betamax lawyers late in the morning, STC has seven days from today to honor this debt to Betamax. So the STC has until Tuesday June 22 to pay Mr. Bhunjun’s company. At the same time, it should be noted that the company reserves the rights to initiate “recovery proceedings against the assets of the STC”, ie the requisition of the assets of the governement company.
MP Shakeel Mohamed commented on this judgment in parliament on Tuesday 2021.
