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Resources Prima's subsidiary and CEO receive letters of demand

Thursday, July 21, 2016 - 13:24

RESOURCES Prima Group said on Thursday its subsidiary PT Rinjani Kartanegara received a letter of demand on July 13 claiming around S$16.1 million.

This was for fees and expenses allegedly owed in respect of fund-raising and other services rendered to Rinjani pursuant to an agreement entered into with Rinjani, the group said in a release to Singapore Exchange.

Resources Prima CEO Agus Sugionoa also received a letter of demand which claimed from him payment of S$8.5 million, representing fees and expenses allegedly owed in respect of fund-raising and other services rendered to the group pursuant to an agreement entered into with Agus Sugiono.

"The letters of demand were issued by lawyers acting for Ng Der Sian, the claimed assignee of the financial benefits under both the agreements referred to above," said the group. "The company is assessing the basis and merits of the claims and has already been seeking professional advice on the matter."

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