This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Mandarin Oriental Reaches Settlement On Sars Insurance Claims
The Group has been significantly impacted by the outbreak of SARS and claims against insurance cover for attributable losses for business interruption have been made. A US$2.5 million interim payment was received and accounted for in the Company's interim results, and the Group will now receive an additional US$13.5 million payment from its insurers, making a total settlement of US$16 million. The total amount will be included in the full year results for 2003 as income.
Commenting on the agreed settlement Chief Financial Officer, John Witt, said, "We are pleased to have reached this settlement with our insurers as it will go some way in compensating the Group for the negative effect SARS had, particularly in Asia."
"While the Group was fortunate to have this cover in place at the time of the outbreak, it was not possible to maintain the same scope of cover when the insurance policies were renewed on 1st July 2003," Mr Witt added.
Mandarin Oriental is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. In total, the Group operates 18 luxury hotels in key business and leisure destinations, with five additional hotels under development in New York (opening November 2003), Washington D.C. (opening spring 2004), Hong Kong (opening 2005) as well as Tokyo and Boston (opening 2006). Mandarin Oriental now operates some 7,000 rooms in eleven countries with nine hotels in Asia, six in The Americas and three in Europe. Mandarin Oriental is a member of the Jardine Matheson Group.