4th Feb 2016 11:02
LONDON (Alliance News) - Power plant developer IPSA Group PLC on Thursday said the Federal Court of Malaysia has ruled in its favour over the appeal made by Iris Ecopower Sdn Bhd, bringing a close to any further attempts by Iris to seek jurisdiction in the Malaysian courts.
IPSA said the hearing, which was adjourned in November, took place on Wednesday. The court rejected the final appeal for the return of Iris's non-refundable deposit of USD3.1 million after its aborted purchase of two turbines in November 2013.
This is the third time the courts have found in IPSA's favour in this dispute, it said.
Shares in IPSA were untraded at 1.50 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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