A Singapore arbitration panel has put on hold Future Group's $3.38 billion asset sale to Reliance Industries Ltd after Amazon Inc had alleged that the deal between the two firms breached an existing agreement.
Amazon had earlier purchased 49 percent of Future Coupons Ltd, which owns a 7.3 percent stake in Future Retail. The investment came with contractual rights that include a right of first refusal and a non-compete-like pact.
"We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.", an Amazon spokesperson said.