DGAP-News: Long Well Group: Singapore Apex Court Rules Commerzbank Asset Mgt Asia Liable for EUR27 million Judgment Debt
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DGAP-News: Long Well Group / Key word(s): Legal Matter
Long Well Group: Singapore Apex Court Rules Commerzbank Asset Mgt Asia Liable for EUR27 million Judgment Debt
08.02.2019 / 07:59
The issuer is solely responsible for the content of this announcement.
Singapore Apex Court Rules Commerzbank Asset Mgt Asia Liable for EUR27 million Judgment Debt
Long Well Will Enforce Judgment Debt on Commerzbank Entities
SINGAPORE - Media OutReach - 8 February 2019 - Long Well Group Ltd., a privately-held conglomerate with wide ranging business interests, said today that the Singapore Court of Appeal upheld the Singapore High Court's earlier judgment that Commerzbank Asset Management Asia Ltd. had breached agreements entered into with the plaintiffs.
The plaintiffs in this case are Long Well Group Limited and its related entities, which are privately held with business interests in energy, construction and property in Southeast Asia.
The defendants are German-headquartered Commerzbank Aktiengesellschaft, which owns Commerz Asset Management Asia Pacific Pte. Ltd., which in turn owns Commerzbank Asset Management Asia. The latter remains a "live" company.
Given that rulings by Singapore's Court of Appeal's decisions are final and binding, Commerzbank Asset Management Asia is liable for the judgment debt of S$41 million.
Long Well will now have full recourse to enforce this judgment debt.
The judgment was delivered by Judges of Appeal Andrew Phang and Steven Chong, and Justice Quentin Loh.
Specifically, Singapore's highest court maintained in its latest ruling that Commerzbank Asset Management Asia was in breach of the Transfer Agreement and the Share Subscription Agreements entered into with Long Well Group Limited and PT Citrabumi Sacna.
The Singapore Court of Appeal, in maintaining the High Court's decision, remarked that it was not persuaded by Commerzbank Asset Management Asia's arguments.
Since the Singapore High Court judgment in March 2018, Long Well Group and the other plaintiffs have made numerous efforts to obtain the judgment sum. Yet, this judgment sum remains unsatisfied.
A statement from the Long Well litigation team, Lee & Lee, said: "The latest ruling vindicates the position of the Long Well Group, that it entered into the agreement with a long-term view to seek a good investment. Through the discussions and arrangements, Long Well remained forthright and the latest ruling attests to the Group's conviction and actions."
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08.02.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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