Manulife files suit in HK

Manulife files suit in HK

HONG KONG (AFX-ASIA): Manufacturers Life Insurance Co said it
has filed a suit in the High Court of Hong Kong seeking damages
of HK$400 million over a dispute about the ownership of PT
Dharmala Sakti Sejahtera's 40 percent stake in PT Asuransi Jiwa
Manulife Indonesia.

In a statement, the company said it filed the case against
Harvest Hero International Ltd, Boxjet Ltd, Lay Ie Leng and AMS
Management Services Ltd for their alleged involvement in the
dispute.

Dharmala Sakti's 40 percent stake in Manulife Indonesia was
sold at a government auction on Oct. 26 to Manufacturers Life
Insurance for Rp 170 billion, it said.

After the sale, its stake in Manulife Indonesia rose from 51
pct to 91 percent.

World Bank subsidiary, International Financial Corp held the
remaining 9 percent, it added.

However, Roman Gold Assets Ltd claimed that it had bought the
shares in Manulife Indonesia from Dharmala Sakti, via Highmead
Ltd.