Costly Ruling

May 14, 2008 (LBO) - Sri Lanka's five-star city hotel Galadari Hotels said Wednesday it had been ordered to pay 101 million rupees in an arbitration hearing but that it would appeal against the ruling.
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The hotel said in a Colombo stock exchange filing that an arbitrator at the Sri Lanka National Arbitration Centre had delivered the award in favour of the claimant, Phil- East Asia Construction Corporation.
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"In terms of the award, Galadari Hotels (Lanka) PLC is ordered by the single Arbitrator hearing the matter to pay a sum of 101,465,814 rupees to the Phil- East Asia Construction Corporation," it said.

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But the hotel company's board at a meeting on May 13 decided to appeal against the award at the High Court.
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