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The High Court of the Republic of Singapore has dramatically reduced the
claim made by Asia Hotel Investments Ltd. (AHIL) for substantial damages of
US$54.9 million from Starwood Asia Pacific Management Pte. Ltd. to a mere
S$10 (Ten Singapore dollars). The judge ruled that AHIL never established
that their failure to acquire the majority shares of Grand Pacific Hotel in
Bangkok was caused by Starwood.
In the written ruling, the judge concluded that "[t]heir only witness, Gary
[Murray], convinced me through his evasiveness, contradictions, unsubstantiated claims and generally unsatisfactory evidence that Asia
Hotel had no real or measurable chance" of securing the majority shares and
that "Asia Hotel and Gary were clearly outclassed by the Narulas in the race
for the [majority] shares and were hoping to find a convenient scapegoat to
unjustifiably fill their coffers." "Asia Hotel either could not raise this sum or
did not want to commit such a large amount of money before they were ousted by the
Narulas."
"We are very satisfied with the Singapore High Court ruling which has
vindicated our steadfast position that Starwood did not cause the plaintiff to
lose its right to acquire the hotel," said William Snipes, Starwood's Vice
President and General Counsel. "A suit that had started off with a claim of
US$54.9 million and has now resulted in nominal damages of S$10 is indicative of the lack of any real substance in the allegation." |
