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Altas Resources sues coal trader Noble group for unit sales

JAKARTA (RambuEnergy.com) – PT Atlas Resources Tbk, through its lawyer Lucas, SH & Partners, has filed lawsuit against CEO of Singapore-based Noble Group William James Randal, Noble Group and Noble Resources International over alleged illegal sale of the company’s subsidiaries.

The lawsuit was filed on March 19, 2018, with the Central Jakarta District Court.

Atlas accused the defendant to have sold illegally its subsidiaries PT Alhasnie, PT Borneo Minerals and PT Sumber Daya Kumala. The latest one, Sumber Daya Kumala was no longer the subsidiary of Atlas Resources

Atlas seeks material compensation of Rp3.5 billion and USD182.971 million and immaterial losses of Rp1 trillion.

The other defendants in the case are PT Sumber Daya Kumala, PT Alhasnie, PT Dayana Lestari, Brigita Hadianto Imam Rahayoe, PT Pinang Coal Indonesia, Gerry Feerick and PT Kharisma Bara Abadi.

The plaintiff, Atlas Resources, demands the court to cancel the following transactions:
– share sale and purchase agreement dated March 28, 2013;
– Share subscription agreement dated March 28, 2013;
– Marketing Agreement dated March 28, 2013;
– Marketing Agreement dated March 28, 2013;
– Marketing Agreement dated March 28, 2013;

Noble said in a filing with the Singapore Exchange that as at the time of the announcement, the company has not been served with any writ relating to such claim and is not aware of the grounds for the claim or any further details relating to the same.

“Nonetheless, the company intends to vigorously defend any claim if served.”

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