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Magnus Energy ends arbitration proceedings over share sale in 2004

Magnus Energy on Friday said it and its subsidiary have terminated arbitration proceedings against three individuals Tjong Very Sumito, Iman Haryanto and Herman Aries Tintowo, for various alleged breaches of terms in a shares sale and purchase agreement in 2004.

This was related to a dispute regarding the acquisition of 72 per cent of PT Deefu Chemical Indonesia. No further details on the case were provided.

"In consideration of the time and costs involved, the claimants have decided that any financial recovery from the said arbitration proceedings is remote. This being the case, the board of directors wish to announce that the claimants have withdrawn their claims and the respondents' counterclaims have also been deemed withdrawn."