SPH, which is now known as Cuscaden Peak Investments Private Limited, had sent Keppel Pegasus a letter on Jan 24, 2022, that it intended to consult the Securities Industry Council (SIC) to terminate the implementation agreement entered between the parties.
Keppel Pegasus, a wholly-owned subsidiary of Keppel Limited, has been awarded $34 million by the arbitral tribunal on Oct 7. The award comes after Keppel Pegasus filed a notice of arbitration against Singapore Press Holdings (SPH) on Feb 9, 2022.
“Keppel Pegasus does not agree with SPH's attempted purported termination of the Keppel implementation agreement and is of the view that SPH is obliged to continue with the implementation of the Keppel scheme in accordance with the terms of the Keppel implementation agreement,” said Keppel at the time.
