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PSL faces claim from director
PSL Holdings has been notified by a director of a claim against the company.
Its director for marine logistics Sudirman Kurniawan recently informed the board of directors that he has filed an application in Indonesia against the group, the logistics firm said on Monday.
The bone of contention centres around the group's acquisition of a 49 per cent stake in PT Momentum Indonesia Investama (Investama) from Mr Kurniawan and Angelo Fernandus, which was approved by shareholders of the group and completed on Nov 25, 2015.
PSL's former CEO Mark Zhou and former group financial controller Natalie Koh were appointed directors representing the group on the board of Investama. Following their resignations, the group has requested for a change of the nominee directors but this request was resisted by Mr Kurniawan.
Mr Kurniawan has filed an application against PSL, Mr Fernandus and Investama to seek a declaration that certain clauses of the sale and purchase agreement relating to the right of the group to appoint directors to the board of Investama be null and void. He is also seeking damages from the group as a result of the group having appointed its nominee directors to the board of Investama.
PSL said it has yet to be formally served Indonesian court papers. "The Board is currently seeking legal advice on this allegation and will provide further updates if there are any material developments."