SINGAPORE - Media OutReach - 19 September, 2018 - Long Well Group Ltd.,a privately-held conglomerate with wide ranging business interests, has taken thekey strategic step to enforce a Singapore High Court judgment againstCommerzbank Asset Management Asia Ltd (CAMA) by issuing a letter to its ultimateholding corporation, Commerzbank Aktiengesellschaft (Commerzbank AG).

The letter was issued to Commerzbank AG headquarters in Frankfurt on 6September 2018 informing that CAMA has failed to make payment on the S$41million judgment debt. Commerzbank AG remains the ultimate parent company ofCAMA, which is a "live" company.

Plaintiff lawyers, Lee & Lee, today stated: "Our clients feelvindicated at having secured a favourable judgment. They regard the pursuit asa matter of principle and conviction. What's next? They will explore all legalroutes to recover the S$41 million judgment sum."

The latest development comes after Long Well and itsthree other plaintiffs battled CAMA for six years in the SHC concerning oil& gas concessions in Libya. In a March 2018 judgment, the SHC ruled thatCAMA breached three agreements with Long Well Group and the plaintiffsconcerning the concessions.

Since the Singapore High Court judgment, Long Well Group and the otherplaintiffs have made numerous efforts to obtain the judgment sum.

Commerzbank AG was also named as a Defendant in the suit -- it ownsCommerz Asset Management Asia Pacific Pte. Ltd., which in turn owns CAMA.

This case dates back to October 2005 when one of thedefendants, a Commerz fund, andIndonesia's PT Pertamina successfully bid for and secured oil and gasconcessions in Libya.

Plaintiffs Long Well andits related companies were expecting to "acquire a direct stake in the profitsgained from the venture".  Hence, it madefinancial investments in excess of US$18.018 million, in phases. However,despite making the financial payments, Long Well Group and the other plaintiffs"never received ownership" of the Commerz fund and the participating shares.

As a result, Long WellGroup and the plaintiffs commenced the legal suit against the defendants. Inthe High Court judgment that was issued in March 2018, it specifically statedCAMA was found "to be in breach of the Transfer Agreement and the ShareSubscription Agreements since [Commerzbank Asset Management Asia Ltd] wasobliged to effect the transfer."

Link to the judgment: https://www.supremecourt.gov.sg/docs/default-source/module-document/judgement/s28-12-long-well-group-(costs)-pdf.pdf