Indonesian conglomerate Lippo Group said today it would appeal against a court ruling upholding a decision to award Malaysia’s Astro group US$250 million over a failed joint pay-TV venture.

A Lippo spokesperson said it would challenge the Singapore High Court’s decision on Monday backing an arbitration tribunal that sided with Astro, which is owned by Malaysian businessman Ananda Krishnan.

“We are very disappointed with (the) ruling as there was enough evidence to prove that the (arbitration) ruling is unlawful,” spokesperson Harianda Noerlan told AFP.

“We have all the materials to challenge the decision,” he said, adding that Lippo, which is controlled by Indonesia’s Riady family, planned to file the appeal before a Nov 22 deadline.

The Asian giants joined forces to set up a pay-TV business in Indonesia in 2005 but the venture did not last beyond 2008. In that time Astro said it funded the business at the request of Lippo and sought arbitration in Singapore to recover its expenses.

In 2010 the Singapore International Arbitration Centre, a body set up to settle complex business disputes, awarded Ananda Krishnan the money.

However Lippo’s lawyers said the court lacked jurisdiction and did not appeal within the deadline, saying the time limit did not apply in the case.

On Monday at Singapore’s High Court, judge Belinda Ang said the arbitration body’s award was “final and binding” because Lippo failed to appeal in time and dismissed claims the tribunal lacked jurisdiction.

Ananda Krishnan is Malaysia’s second-richest man with a net worth of US$9.9 billion as of March 2012, according to Forbes. He has interests in communications, broadcasting, oil and gas.

- AFP