S’pore Tribunal Begins Hearing Future Plea on Rel Retail Deal

A Singapore arbitration tribunal on Monday began gearing Future Group’s plea to lift the stay on the deal to sell its retail assets to Reliance Retail and exclude its flagship listed company as a party to the dispute with Amazon.

The Singapore International Arbitration Centre (SIAC) in October last year had given an emergency award staying the Future-Reliance transaction until it decided on Amazon’s challenge to the sale.

A three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, is first hearing future Retail’s plea that the dispute was between one of its promoter companies and Amazon, and that it should not be made a party to it. This hearing will continue on Tuesday while during the next two days, the bench will consider the request to lift the stay, people in the know said.

But a decision is expected only next month, they said. Also, the panel has yet to schedule proceeding on the main dispute— Amazon’s challenge to the Future-Reliance deal. S-ET

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