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Norway court absolves Rex International unit of compensation claims
LIME Petroleum, a 90 per cent-owned unit of Catalist-listed Rex International, has been absolved of compensation claims made against it in Norway, Rex said in a bourse filing on Wednesday.
The Oslo District Court on Tuesday fully acquitted the defendants, Lime Petroleum and two of its directors and a former officer.
The claimant, Gulf Hibiscus, has been ordered to pay the defendants' legal costs and court fees amounting to a total of NOK 5.79 million (S$866,710) within two weeks of the judgment.
Gulf Hibiscus had filed a writ of summons against Lime Petroleum Norway on Oct 11, 2018. The compensation was being claimed for financial losses suffered by Gulf Hibiscus in connection with Lime Petroleum's restructuring.
Gulf Hibiscus, a unit of Malaysia-listed Hibiscus Petroleum Berhad, had in April 2016 filed a complaint at the Oslo Conciliation Board. The claim amounted to about US$35 million, according to previous media reports.
Rex's board said it will make the necessary announcements to update the company's shareholders of any material developments in connection with the matter.
Rex International shares were trading flat at 18.5 Singapore cents as at 1.28pm on Wednesday.