News

Arbitration Commenced By QL Oil Sdn Bhd (QLO Or CLAIMANT) Against Hang Ting Pte Ltd (HT Or FIRST RESPONDENT), And PT. Pipit Citra Perkasa (PCP Or SECOND RESPONDENT) (COLLECTIVELY REFERRED TO AS RESPONDENTS)

Reference is made to the Company’s announcement made on 3 August 2023.

The Company wishes to announce that the Respondents had on 4 September 2023 filed the Respondents’ Response to the Notice of Arbitration (“RRNOA”) with the Singapore International Arbitration Centre (“SIAC”).

1.         SALIENT POINTS OF RRNOA

            The Respondents had in the RRNOA, inter alia, counterclaimed against the Claimant for alleged breaches by the Claimant of the terms of the MJVA as well as oppressive conduct against the Respondents within the meaning of s. 216 of the Singapore Companies Act 1967.

The Respondents are seeking, amongst others, the following reliefs against the Claimant:

(i)       damages to be assessed against the Claimant in relation to Claimant’s alleged breaches; and

(ii)      damages and/or an appropriate order from the Tribunal declaring that the Respondents have been oppressed within the meaning of s. 216 of the Companies Act.

The Respondents however have not quantified their counterclaims.

2.         LEGAL POSITION OF THE COMPANY 

QLO has obtained preliminary legal advice from its Singapore counsels, and is of the view that the Respondents’ counterclaims are unmeritorious.

QLO is denying and refutes the basis of the counterclaims and all the Respondents’ allegations of liability and claims for damages, and will vigorously defend and resist the counterclaims.

3.         STEPS TAKEN AND/OR PROPOSED TO BE TAKEN IN RESPECT OF THE ARBITRATION

The Company will make further announcement as and when there are material developments on the above matter.

This announcement is dated 5 September 2023.

Announcement Info