Magnus gets fixed date for arbitration hearing
Friday, February 8 2013 - 11:51 AM WIB
SGX-listed Magnus Energy Group Ltd recently stated that it has received a fix date for the arbitration hearing by the Tribunal to commence on 14 October 2013 in relation to the dispute regarding acquisition of 72 percent of the issued capital of PT Deefu Chemical Indonesia
"(We) also wish to highlight that the hearing date may be subjected to further changes as the Tribunal may direct," the company said, adding that such development may have a material impact upon the group.
This is in relation to the company's announcement on 4 July 2011 stating that Magnus and its wholly-owned subsidiary Antig Investments Pte Ltd have on 29 June 2011 initiated arbitration proceedings against Tjong Very Sumito, Iman Haryanto and Herman Aries Tintowo for various breaches of the Shares Sale and Purchase Agreement dated 23 November 2004.
On 13 March 2012, Magnus also announced that it has included a claim for rescission of the SPA.
Editing by Er Audy Zandri