Banyan Tree

Banyan Tree: the Dubai Arbitral Tribunal has issued an award in favour of Banyan Tree in relation to its claim for the wrongful termination of the hotel hgt agreement for The Meydan (HMA) first announced in Nov 2009. The Meydan Group is liable to the sum of US$19.2m as compensatory damages, plus interest at 3% p.a. until fully paid. Separately, the Meydan Group has commenced counter lawsuits in the Dubai Courts against Banyan Tree. Banyan Tree will issue further announcement(s) in the event that there are any material developments in the matter.