4th Sep 2015 12:29
LONDON (Alliance News) - Trading Emissions PLC on Friday said that a EUR9 million claim by a subsidiary of Yunnan Dianneng (Group) Holding Co Ltd has been dismissed by the arbitration tribunal.
In a statement, Trading Emissions said the tribunal awarded it reimbursement of both HKD2.8 million, equivalent to about EUR320,000, of its direct costs and the sums the company had paid as a deposit to the Hong Kong International Arbitration Centre.
"This tribunal comprised a sole arbitrator, who is an eminent and respected arbitrator with substantial experience determining complex international disputes in an arbitral capacity," Trading Emissions said.
The decision of the tribunal is final and the arbitration award is binding, according to the company, which said there are very limited rights of appeal.
"Hong Kong arbitration awards are enforceable in China in accordance with the 'Arrangement Concerning Mutual Enforcement of Arbitral Awards Between the Mainland and the Hong Kong Special Administrative Region'. This arrangement provides for the enforcement of Hong Kong arbitration awards in the Chinese courts, without re-opening the merits of the underlying disputes. Possible challenges to such enforcement are limited," Trading Emissions said.
Trading Emissions shares were up 14% at 4.79 pence on Friday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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