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IEV unit files writ against Indonesian company

Wednesday, August 26, 2015 - 22:36

IEV Holdings Limited said its 95 per cent-owned subsidiary, PT IEV Gas, had on Aug 4 filed a writ and statement of claim in the Bekasi Court of Indonesia against PT Indonesia Pelita Pratama.

The suit is in relation to losses and damages suffered by IEV Gas arising from PT IPP unilaterally erecting a barrier/portal closing the only accessible common road between the industrial area where IEV Gas' mother station is located and the main exit road.

"PT IPP's actions have prevented and continue to prevent IEV Gas from operating from its existing mother station and having to resort to alternative CNG supply sources to ensure the continuous and timely delivery of CNG to its customers," IEV Holdings said.

IEV Gas is claiming at least 25.2 billion rupiah (S$2.52 million) for loss and damage, material and associated costs, and other related losses.

The group said the outcome of the suit is not expected to have any material impact on its consolidated earnings per share and/or net tangible assets per share for the current financial year ending Dec 31, 2015.

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