ARMS launches court proceeding against former CEO
Saturday, May 23 2015 - 04:10 AM WIB
LSE-listed mining firm Asia Resource Minerals Plc (ARMS) has launched court proceedings in London against its former CEO and president director of its Indonesian coal mining subsidiary IDX-listed PT Berau Coal Energy Tbk, Amir Sambodo, whose actions has created concerns in the company.
?The company yesterday commenced proceedings in the High Court of Justice against Amir Sambodo, the former CEO of the company, and former President Director of PT Berau,? ARMS said in a statement Friday.
?The main claims against Sambodo relate to breaches of various agreements entered into by Sambodo in relation to his resignation from those roles, restraints promised to be observed by him following his resignations, and failure to observe certain promises relating to facilitating the transition of the President Director role in PT Berau and its subsidiaries. The company is claiming damages, and injunctions restraining Sambodo from (a) holding himself out as a director or officer, or intermeddling in the affairs, of PT Berau and its subsidiaries, and (b) disclosing confidential information of the company, PT Berau and other subsidiaries,? it added.
Sambodo tendered his resignation in March from ARMS and PT Berau. But ARMS said in a previous statement that Sambodo had been engaged in conducts that are not supported by the company and to the detriment of the ability of the company to maintain adequate supervision and control of the PT Berau Group. Sambodo has also been accused of denying full access for the new management of PT Berau. The internal conflict has led the Indonesia Stock Exchange to suspend transaction in PT Berau.
ARMS said in the Friday statement that the LSE has also suspended transaction in the shares of the company at its own request amid concerns over the actions of Sambodo.
ARMS is currently engaged in talks with Asia Coal Energy Ventures (ACE) over the latter?s plant to acquire the former. ACE is funded by Indonesian Sinar Mas Group.
Editing by Reniner Simanjuntak