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Lawsuit against Clearbridge CEO, former unit in Jakarta withdrawn

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Sharanya Pillai

Sharanya Pillai

Published Sat, Sep 30, 2023 · 12:13 AM
    • The lawsuit, filed by a shareholder of IGM, was revoked and withdrawn on Sep 25 at the South Jakarta District Court.
    • The lawsuit, filed by a shareholder of IGM, was revoked and withdrawn on Sep 25 at the South Jakarta District Court. PHOTO: PIXABAY

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    A CIVIL lawsuit in Indonesia against Clearbridge Health chief executive Jeremy Yee and the company’s former subsidiary Indo Genesis Medika (IGM) has been withdrawn.

    The lawsuit, filed by a shareholder of IGM, was revoked and withdrawn on Sep 25 at the South Jakarta District Court, Clearbridge said in a Friday (Sep 29) bourse filing. This was with immediate effect.

    The plaintiff was Kreasi Putra Nusantara (KPN), an Indonesian biotechnology company. The court summons were related to an extraordinary general meeting (EGM) of IGM held on Dec 12, 2022, as well as an invitation sent to effect the EGM, The Business Times previously reported.

    However, KPN withdrew the suit before the court examined the matter, Clearbridge said in its Friday update. KPN was ordered to pay a court administration fee of 2.7 million rupiah (S$235.32).

    Clearbridge shares ended Friday at S$0.021, up 10.5 per cent or S$0.002.

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