A tribunal in Singapore ordered BJTJ Industrial to pay a sum of $351,000 to HS Optimus' (SGX:504) wholly owned subsidiary, HS Optimus Resources, in connection with the share sale of Key Bay Furniture, according to a Tuesday filing with the Singapore Exchange.
The Singapore International Arbitration Centre has also ordered BJTJ to pay the company a pre-award interest of $31,828 and the entire costs of the arbitration of around SG$45,174 and legal costs of SG$51,679.
This comes after the company instructed its solicitors, Drew & Napier, to file a Notice of Arbitration with the Singapore International Arbitration Centre against BJTJ Industrial.
The action follows BJTJ Industrial's failure to settle the outstanding balance of $351,000 from a $7 million capital assignment agreement involving Key Bay Furniture.
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