Bloomberry Resort Corp. said the Singapore High Court has ruled with finality on its decision to award its former partner Global Gaming Philippines LLC (GGAM), a unit of US-based Global Gaming Asset Management LLC, company shares after the termination of the management contract between the two to run Bloomberry’s Solaire Resort Corp. in 2013.
This follows a 2016 ruling by the Singapore international arbitration court citing the dismissal of GGAM as unjustified, effectively awarding to GGAM ownership of 921.18 million Bloomberry shares as part of the agreement, apart from ordering Bloomberry to pay GGAM $100 million in lost management fees.
GGAM and Bloomberry entered into an agreement in 2011 where GGAM shall provide technical assistance .
In 2013, Bloomberry terminated the management services agreement with GGAM for “material breach” of the contract with Bloomberry claiming it did most of the work leading to the opening of its casino operation despite the management deal.
GGAM sued in Singapore with the latter ruling in favor of GGAM. In 2016 the Singapore arbitration court issued its ruling for a partial award.