Sanum Investments won appeal against Laos government
The Macau-based company has won its appeal in a case before the Appeal Court in Singapore.
Macau.- The legal case claimed that the Laos government unjustly cancelled Sanum’s casino business. The Appeal Court in Singapore ruled that Macau was subject to a bilateral investment treaty (BIT) signed by China and Laos in 1993. The appeal from Sanum came with regard to its claims of capital investment benefit losses, brought about by taxes deemed unfair that were levelled by the Laos Government.
Sanum Investments is a Macau-based company that used to operate the Savan Vegas Hotel & Entertainment Complex in Savannakhet province. Four years ago, the Laos government seised the property under the claims that they owed €20 million in penalties and back taxes.
The Laos government sold the hotel and entertainment complex earlier this year, but Sanum decided to pursue the legal fight and an independent arbitration panel in Singapore ruled that it had jurisdiction over the matter.