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Indonesia ordered to pay Avanti Comms $21m
Avanti Communications updated the market on its arbitration proceedings against the Indonesian Ministry of Defence on Thursday, confirming it was in line to receive a final award.
The AIM-traded firm had commenced arbitration proceedings under the London Court of International Arbitration Rules 2014 against the Ministry of Defence of the Republic of Indonesia on 9 August last year, in a bid to recover all sums payable to it under an agreement for lease of its ARTEMIS satellite.
"On 6 June 2018, the arbitral tribunal rendered a final award, ordering the Government of Indonesia to pay to Avanti the total sum of $20.075m," its board said on Thursday.
"The award is payable by 31 July 2018."