L&M group sues RI unit

L&M group sues RI unit

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.