GGAM is still unable to sell its BRC shares following a 2017 decision by the Makati Regional Trial Court prohibiting it from doing so.

Enrique Razon-led Bloomberry Resort’s Corp. (BRC) on Monday disputed the final remedies award of an arbitration tribunal its case with Global Gaming Asset Management Philippines (GGAM).

Bloomberry’s subsidiaries Sureste Properties Inc. (SRI) and Bloomberry Resorts & Hotels Inc. (BRHI) are the respondents involved in the case filed by GGAM.

Based in Las Vegas, Nevada, GGAM filed a case against SPI and BRHI in relation to its management services agreement terminated in 2013. BRC and GGAM used to co-manage Solaire Resorts & Casino in Paranaque City.

In a disclosure to the stock exchange on 30 September, listed BRC said the final award is “fundamentally flawed,” and added that its counsel is considering options “in Singapore or anywhere” with respect to the award.

The final award, dated 27 September according to BRC, requires respondents SPI and BRHI to pay $85.2 million as damages for lost management fees to GGAM; $391,224 as pre-termination fees and expense; and another $14,998,052 for claimant costs, with a post-award interest at an annual rate of six percent compounded annually or 50 basis starting 30 days after the award.

Additionally, the tribunal is calling on the respondents to pay P10.17 billion in exchange for GGAM to turn over the 921.18 million shares it currently holds in BRC. The tribunal also wants to release the cash dividends on its shares to GGAM the cash dividends on its shares.

GGAM is still unable to sell its BRC shares following a 2017 decision by the Makati Regional Trial Court prohibiting it from doing so.

“Counsel for respondents has advised that the arbitration award is not self-executing and must be confirmed by a court for it to be enforceable and to have the legal effect of a judgment,” BRC said.

“Thus, (the) counsel has advised that, as a matter of Philippine law, this Final Remedies Award of the arbitration tribunal may be enforced in the Philippines only through an order of a Philippine court of proper jurisdiction, after appropriate proceedings taking into account applicable Philippine law and public policy,” it added.