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Lawsuit against Noble Group subsidiary withdrawn

COMMODITIES trader Noble Group announced on Tuesday that a lawsuit filed against its subsidiary PT Pinang Coal Indonesia by PT Alhasanie in the district court of South Jakarta for damages in excess of US$20 million has been withdrawn.

The lawsuit concerned the alleged breach of a Technical Services and Management Consulting Agreement dated June 30, 2015.

PT Pinang Coal Indonesia had earlier submitted its own claim against PT Alhasanie under the Agreement to Singapore arbitration, which is the contractually agreed forum for determination of all disputes.

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