Egana award booked as exceptional

EGANA International Holdings yesterday reported it would recognise a US$25.87 million arbitration award as an exceptional item in the company's consolidated accounts for the year to December 31, 1994.

On June 23, the Tribunal of the Netherlands Arbitration Institute ordered Benetton International to pay a wholly-owned subsidiary of Egana $23.75 million, plus legal fees and costs and legal interest.

Benetton had to compensate Eco Swiss China Time for its invalid attempt to terminate Eco's 'Benetton by Bulova' licence.

The licence gave Eco the right to design, manufacture and distribute the 'Benetton by Bulova' timepieces.