Resources Prima demanded to pay outstanding fees
Wednesday, August 17 2016 - 08:23 AM WIB
SGX-listed Resources Prima Group Limited recently informed shareholders that on July 13, 2016, the group?s subsidiary, PT Rinjani Kartanegara, received a letter of demand claiming from Rinjani 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 with Rinjani.
Separately, on the same date, the Executive Chairman and Chief Executive Officer of the company, Agus Sugiono, received a letter of demand claiming from Agus Sugiono the payment of S$8.5 million, representing fees and expenses allegedly owed in respect of fund raising and other services rendered to the Group pursuant to an agreement entered into with Agus Sugiono.
The letters of demand were issued by lawyers acting for Ng Der Sian, the claimed assignee of the financial benefits under both the agreements referred to above.
The company is assessing the basis and merits of the claims and has already been seeking professional advice on the matter. The Company will make further announcements on the matter as necessary.
Rinjani has been granted a Production Operation IUP permit to carry out coal mining operations in an area covering approximately 1,933 hectares in the District of Loa Janan and Loa Kulu, Kutai Kartanegara Regency, Province of East Kalimantan. The tenure for the Mining Concession Area is held under the Production Operation IUP which was granted on November 24, 2009 and is valid until November 24, 2021.
Editing by Johannes Simbolon