Singapore court dismisses Bloomberry petition

Singapore court dismisses Bloomberry petition

Last year the court decided in favour of Global Gaming Asset Management in a claim over wrongful termination.

Philippines.- Resort and hotels operator Bloomberry chalked up another legal loss this week with a negative result in a Singapore court.

The court rejected Bloomberry Resorts Corporation’s petition to set aside enforcement of a $296 million award from the Arbitration Tribunal in a case brought by Global Gaming Asset Management (GGAM) for wrongful termination of a management services agreement in 2013.

Bloomberry had ended a five-year contract after only six months, accusing GGAM of failing to deliver on its commitments. But on September 2019, the Singapore court decided in favour of GGAM, awarding it payments of $175,000 per month.

Bloomberry has until the end of June to file an appeal.

Earlier this week the operator confirmed it was again being sued by Blangladesh Bank over a USD$81 million cyber heist in 2016.

The case was brought by the Bangladesh Bank to seek compensation for the $81 million that it lost when hackers, allegedly linked to North Korea, sent multiple orders out of the bank’s account with the Federal Reserve Bank of New York to fictitious accounts in the Rizal Commercial Banking Corp (RCBC) and allegedly funneled funds through Philippine casinos including Bloomberry’s Solaire.

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