Astro tycoon Ananda Krishnan wins US$250m compensation in Singapore High Court

Singapore's High Court has awarded Malaysian tycoon Ananda Krishnan's Astro group US$250 million in compensation for a failed joint venture with his Indonesian former business partner James Riady.

The High Court upheld an arbitration court's earlier ruling in favour of the Malaysian group.

The money was awarded to Krishnan in 2010 by the Singapore International Arbitration Centre, set up to settle complex business disputes, after the pair had a falling-out over a failed Indonesian pay-television venture.

Krishnan heads the Astro communications empire of Malaysia, while Riady manages the Lippo Group of Indonesia.

The Asian tycoons joined hands to set up a pay-TV business in Indonesia in 2005 but the venture did not last beyond 2008.

Between those years, Astro said it funded the business at the request of Lippo. Astro sought arbitration in Singapore in an attempt to recover its expenses in funding the failed joint venture.