Malaysia court rules in Ipsa’s favour
Dual-listed power plant developer Independent Power South Africa (Ipsa) on Thursday reported that an appeal by Iris Ecopower, the Malaysian company with which it had entered into a $31-million contract to sell two of its Siemens Westinghouse 701 DU turbines in October 2012, was dismissed in the Malaysian Court of Appeal this week.
In 2013, Ipsa reported that Iris Ecopower had issued a claim against it in the Malaysian courts for the recovery of $3.1-million paid as a deposit, plus costs and consequential losses, amounting to about $9.8-million in total.
In March 2014, the Malaysian High Court accepted an application by Ipsa that the Malaysian courts should not have jurisdiction over the claim brought by Iris.
The appeals court this week also awarded costs in favour of Ipsa.
“I am very pleased that the Malaysian courts have yet again dismissed the Iris claim. This is an important victory for Ipsa,” acting CEO Peter Earl said in a statement.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation