No wonder proton last minute up 15 cents, hope this momentum continue so that I can sell Proton- CB and CC.
Goldstar Heavy Industrial Co Ltd has been ordered and directed by the Arbitration Tribunal to pay S$655,056.33 in legal and arbitration costs to Proton Automobiles (China) Ltd (PAC). The Tribunal has made the final award in respect of costs after considering all evidence and submissions of both PAC and Goldstar, according to a statement by Proton Holdings Bhd. It was reported that PAC had on July 6, 2007, commenced arbitration proceedings in Singapore against Goldstar, following the breakdown of a joint-venture between both parties. The Tribunal had found that PAC was lawfully entitled to terminate its joint venture contract as the joint venture company (JV Co) did not carry out any business activities from the time of its incorporation in 2002 until the termination of the JV contract. The JV Co too failed to obtain a manufacturing licence to manufacture whole vehicles. The Tribunal had also rejected Goldstar's assertion that PAC had acted in bad faith and that PAC had other reasons for the termination. -- Bernama