Tribunal resolves issue involving Malaysia-Singapore joint venture company

PETALING JAYA: An international arbitral tribunal has decided that the Malaysia-Singapore joint venture company, M+S Pte Ltd, need not pay a development charge on the three parcels of former KTM Bhd land in the island republic.

The decision came four years after the Malaysian and Singaporean governments decided to refer to the Permanent Court of Arbitration whether the development charge should be imposed on the original land.