Taipei: After negotiations TMT and NewLead yesterday signed an agreement to end a dispute over the charter by TMT Bulk of the vessel Brazil, part of the NewLead fleet.
The dispute led to TMT Bulk, a Taiwanese company, being held in contempt of court on 26 October 2012 and Nobu Su, the TMT executive chairman and a director of TMT Bulk, being sentenced to 18 months imprisonment by an English court.
The two companies have now resolved the dispute between them, settled the arbitration and will work through the agreement bringing an end to the legal proceedings.
A spokesman for TMT said, “We welcomed the spirit in which the Newlead ceo has approached the negotiations which has made this settlement possible”.
As a result of the agreement Newlead, a US-listed company, has agreed that no useful purpose would be served by the continuation of the prison sentence imposed by the court and supports Su’s application to the court to remit the sentence in its entirety.
In addition this agreement will result in the immediate lifting of the arrest Su’s 320,000 dwt vessel E Whale which is being held in South Africa together with steps to remove a worldwide freezing order. [24/05/13]
