News

Reference is made to the Company’s announcements made on 16 August 2021, 17 August 2021, 23 August 2021 and 21 October 2021.

The Company wishes to announce that it has on even date been notified by its Indonesian counsels that the Tarakan Court has upon request of the Plaintiff, issued a Court Attachment Order dated 25 October 2021 against the assets of the PMI and QLM as follows:

(a)   Part of the plantation land according to the Cultivation Right Certificates (Hak Guna Usaha) registered in the name of PMI;

(b)   The entire 95% shares in PMI owned by QLM.

The Court Attachment Order has the following effects:

1.     The Defendants are not allowed to sell, to transfer, to dilute the affected assets until there is another decree to withdraw the Court Attachment Order or there is a final and binding court decision, whichever comes earlier;

2.     The Defendants are also not allowed to make the affected assets as a collateral to any third party until there is another decree to withdraw the Court Attachment or there is a final and binding court decision, whichever comes earlier.

The Company wishes to add that the Court Attachment Order will have no material impact on the Group’s operations. As per advice of its Indonesian counsels, there are abnormalities and irregularities amounting to breach of natural justice in the conduct of the court proceedings, and the Defendants have accordingly instructed the Indonesian counsels to lodge a formal complaint to the superior courts in Indonesia on such matter. 

In addition, our Indonesian counsels have considered the merits of the case, and is of the view that the Defendants have a strong defence to resist the Plaintiff’s claims, and there is unsubstantiated basis for the issuance of the Court Attachment Order and will accordingly take steps to appeal for its withdrawal.

The Company continues to deny and refute the basis of the lawsuit and all the Plaintiff’s allegations of liability and claims for damages, and will vigorously challenge and resist the lawsuit.

Further announcements will be made on any material development.

This announcement is dated 28 October 2021.

Announcement Info