Nam Tai Property (NTPIF) has released an update.
Nam Tai Property Inc. has updated stakeholders on its ongoing arbitration with Greater Sail Ltd. (GSL), which is seeking a refund of the $146.9 million paid in a 2020 private investment that was later voided. The company won the first round with the arbitrator dismissing GSL’s claim, but after GSL challenged the decision, the Hong Kong Court has sent the case back to arbitration with a new decision expected by the end of June 2024. Meanwhile, the court’s hearing on GSL’s application to set aside the initial award is scheduled for October 2024.
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