Sun Travels Pays US$31 Million Arbitration Award to Hilton
Sun Travels has paid US$31 million to Hilton after losing an arbitration over the termination of Iru Fushi Resort management agreement. The agreement was signed on 27 February 2009. Sun Travels terminated it in April 2013, alleging Hilton violated terms. Hilton filed a case with the ICC in May 2013, resulting in a US$29.6 million damages order. After non-payment, Hilton filed a civil case in 2020, freezing Sun Travels' accounts. Sun Travels paid US$31 million including interest and spent US$5.6 million in legal costs. Sun Travels alleges Hilton fraudulently induced them with inflated revenue projections and mismanaged the resort.
Sun Travels has paid US$31 million to Hilton after losing an arbitration over the termination of Iru Fushi Resort management agreement. The agreement was signed on 27 February 2009. Sun Travels terminated it in April 2013, alleging Hilton violated terms. Hilton filed a case with the ICC in May 2013, resulting in a US$29.6 million damages order. After non-payment, Hilton filed a civil case in 2020, freezing Sun Travels' accounts. Sun Travels paid US$31 million including interest and spent US$5.6 million in legal costs. Sun Travels alleges Hilton fraudulently induced them with inflated revenue projections and mismanaged the resort.
Low Confidence
Score: 0.50
Sun Travels has paid US$31 million to Hilton after losing an arbitration over the termination of Iru Fushi Resort management agreement. The agreement was signed on 27 February 2009. Sun Travels terminated it in April 2013, alleging Hilton violated terms. Hilton filed a case with the ICC in May 2013, resulting in a US$29.6 million damages order. After non-payment, Hilton filed a civil case in 2020, freezing Sun Travels' accounts. Sun Travels paid US$31 million including interest and spent US$5.6 million in legal costs. Sun Travels alleges Hilton fraudulently induced them with inflated revenue projections and mismanaged the resort.
This story involves 1 source and may affect public understanding of legal / tourism.
Angle: Primary coverage
Focus: Sun Travels Pays US$31 Million Arbitration Award to Hilton
Unique detail: Sun Travels Pays US$31 Million Arbitration Award to Hilton
Initial report published
Maldives Republic
Official government or institutional statement
Further reporting from additional sources
Public and social media reaction
Related policy or operational changes
P
Rasfannu beach reopens after major renovation
M
Newly appointed Ambassador of Netherlands to the Maldives calls on Minister Iruthisham
T
VMC records highest income in eight years, “Collaboration made it possible” says Chairperson
M
Underwater swing in Gaafaru becomes a hit with locals and tourists
P
Rasfannu beach reopens after major renovation
PSM News · 1 day, 5 hours ago
M
Newly appointed Ambassador of Netherlands to the Maldives calls on Minister Iruthisham
Ministry of Foreign Affairs · 4 days, 9 hours ago
T
VMC records highest income in eight years, “Collaboration made it possible” says Chairperson
The Standard · 4 days, 14 hours ago
M
Underwater swing in Gaafaru becomes a hit with locals and tourists
MM TV English · 6 days, 23 hours ago