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KIT's Basslink to fork out A$38.5 mil in damages; A$31 mil in unpaid fees not recoverable

Felicia Tan
Felicia Tan12/3/2020 05:57 PM GMT+08  • 2 min read
KIT's Basslink to fork out A$38.5 mil in damages; A$31 mil in unpaid fees not recoverable
Units in KIT closed 0.5 cent lower or 0.9% down at 55 cents on Dec 3.
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Keppel Infrastructure Trust (KIT)’s Basslink, has received the outcome of its arbitration involving itself, the State of Tasmania and Hydro Tasmania.

According to the company’s statement released via SGX, the arbitrator awarded damages of A$38.5 million ($38.0 million) against Basslink.

He also declared that Basslink’s claim of A$31 million in unpaid fees was not recoverable as a force majeure event had not occurred.

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