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Two Clearbridge Health units sued by unit's shareholder for 1.06 trillion rupiah

TWO Clearbridge Health units are being sued by a unit's shareholder for damages of 1.06 trillion rupiah (S$102 million) relating to a notarial deed, the company said in a bourse filing on Sunday.

The units are wholly-owned subsidiary Clearbridge Medical Asia and indirect subsidiary Tirta Medika Jaya (TMJ).

The plaintiff, Tirta Medika Nusantara, is a shareholder of TMJ.

Clearbridge Health said the shareholder emailed certain members of the TMJ board on May 25 to inform the company it had filed the suit in the North Jakarta District Court.

The shareholder's letter did not state the basis of its claim or the parties involved, Clearbridge said.

Checks by the company on Indonesia's court case tracking information system showed the suit was filed on May 6, with a court hearing scheduled for Nov 11.

The shareholder is seeking the court's declaration that a certain notarial deed was made unlawfully and consequently.

No substantiation was provided on how the claim for the 1.06 trillion rupiah was derived.

Clearbridge said that as at Sunday, neither subsidiary had received a formal letter of demand relating to the claim, or a written summons - which includes a copy of the claim - to appear in court.

Any formal written summons for Clearbridge Medical Asia would be served through the Ministry of Foreign Affairs, it added.

Clearbridge said that both subsidiaries are of the opinion that the notarial deed is in accordance with Indonesian law, and there is no merit to the claim that it is unlawful.

Operations at TMJ remain unaffected, it added.

Shares of Clearbridge Health were trading at 18.8 Singapore cents as at 10.07 on Monday, down 0.7 cent or 3.6 per cent.

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