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.