Astro All Asia Network Plc has won a ruling containing various awards amounting to US$230 million (about RM786.6 million) in restitution in its arbitration proceedings against a number of entities in the Lippo Group including the public-listed PT First Media.

The exchange rate used was US$1 = RM3.42.

The award was delivered by the Singapore International Arbitration Centre (SIAC), said Astro in a filing to Bursa Malaysia today.

The claims arose from a dispute relating to a proposed joint venture between Astro and the Lippo Group to operate Pay TV business through PT Direct Vision in Indonesia which led to arbitration proceedings that commenced in October 2008.

PT Direct Vision is liable for the sum of approximately US$230 million and of this amount, PT First Media and PT Ayunda Prima Mitra are jointly and severally liable with PT Direct Vision for about US$95 million (RM95.31 million).

Astro said it will also seek to enforce the awards in Indonesia and other appropriate territories that are signatories to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

- Bernama