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.