L&M group sues RI unit

Wed, 30 Aug 2000 | Source: DJ

SINGAPORE (Dow Jones): L&M Group Investment Ltd. said on Tuesday a US$19 million lawsuit has been filed by PT Jakarta Depot Satellite against its Indonesian unit PT VdH-Teguh Sakti, and not against it, contrary to press reports

L&M acquired PT VdH-Teguh Sakti from Van Der Horst Ltd. PT VdH-Teguh Sakti owns a 32 percent stake in PT Van der Horst Indonesia Tbk.

L&M said the rights to the 32 percent stake haven't been challenged in the proceedings started by PT Jakarta Depot Satellite.

"The Indonesian court has merely given an interim injunction against the sale of the 32 percent stake in PT Van der Horst Indonesia to preserve the assets of PT VdH-Teguh Sakti," L&M said in a statement.

On Aug. 8, L&M said it acquired Van der Horst Indonesian's assets for S$11 million, and will pay S$5 million for Van der Horst's shares in Singapore and assume S$19 million of its liabilities.

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