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Two KS Energy directors served with writ of summons by Actis Excalibur
TWO directors of mainboard-listed KS Energy have been served with a writ of summons by Actis Excalibur.
This comes after Actis in January was granted leave by the Singapore High Court to bring a derivative action against KS Energy executive chairman and chief executive Kris Taenar Wiluan and its director, Richard James Wiluan.
KS Energy told the Singapore Exchange in a filing on Wednesday that the writ of summons contained a general endorsement of claim.
It said that the two Wiluans are taking legal advice on the derivative action, and that they had on Feb 9 filed an appeal against the High Court's decision to grant leave.
Actis had taken the intended derivative action on behalf of KS Distribution and its wholly owned units, Aqua-Terra Oilfield Equipment & Services and SSH Corporation.
Its complaint was that the Wiluans had allegedly breached fiduciary duties to KS Distribution and its units.
Shares of KS Energy closed 9.1 per cent or 0.3 Singapore cent lower at three Singapore cents on Wednesday, before the announcement was made.