Resources Prima CEO faces legal proceedings
Thursday, November 17 2016 - 01:10 AM WIB
SGX-listed coal mining firm Resources Prima Group Limited announced on Wednesday that its Executive Chairman and Chief Executive Officer, Agus Sugiono, has been formally served on November 15 with a notice of arbitration. The claimant is Tan Kim Sing.
The company said in a statement that the arbitration proceedings against Agus have been commenced under the International Arbitration Act of Singapore and in accordance with the Singapore International Arbitration Centre Rules.
Resources Prima announced on Monday that its Indonesian subsidiary PT Rinjani Kartanegara is also facing lawsuit filed by Tan. The subsidiary has been formally served with a writ of summons and statement of claim.
According to the statement of claim against Rinjani, the plaintiff claims against Rinjani for the payment of approximately S$16.1 million, representing fees and expenses allegedly owed in respect of fund raising and other services rendered to Rinjani pursuant to an agreement entered into between Rinjani and Newbreed Capital Limited in or around March 2011, or alternatively damages for breaches of the Fund Raising Agreement. The plaintiff alleges that he is the current assignee of all the benefits under the Fund Raising Agreement.
Editing by Reiner Simanjuntak