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Long Well Will Enforce Judgment Debt on Commerzbank Entities
SINGAPORE - MediaOutReach - 8 February 2019 - Long Well Group Ltd., a privately-held conglomeratewith wide ranging business interests, said today that the Singapore Court ofAppeal upheld the Singapore High Court's earlier judgment that CommerzbankAsset Management Asia Ltd. had breached agreements entered into with the plaintiffs.
The plaintiffsin this case are Long Well Group Limited and its related entities, which are privatelyheld with business interests in energy, construction and property in SoutheastAsia.
The defendantsare German-headquartered Commerzbank Aktiengesellschaft, which owns CommerzAsset Management Asia Pacific Pte. Ltd., which in turn owns Commerzbank AssetManagement Asia. The latter remains a "live" company.
Given thatrulings by Singapore's Court of Appeal's decisions are final and binding,Commerzbank Asset Management Asia is liable for the judgment debt of S$41million.
Long Well willnow have full recourse to enforce this judgment debt.
The judgmentwas delivered by Judges of Appeal Andrew Phang and Steven Chong, and JusticeQuentin Loh.
Specifically,Singapore's highest court maintained in its latest ruling that CommerzbankAsset Management Asia was in breach of the Transfer Agreement and the ShareSubscription Agreements entered into with Long Well Group Limited and PTCitrabumi Sacna.
The SingaporeCourt of Appeal, in maintaining the High Court's decision, remarked that it wasnot persuaded by Commerzbank Asset Management Asia's arguments.
Since the Singapore HighCourt judgment in March 2018, Long Well Group and the other plaintiffs havemade numerous efforts to obtain the judgment sum. Yet, this judgment sum remainsunsatisfied.
A statement from the LongWell litigation team, Lee & Lee, said: "The latest ruling vindicates theposition of the Long Well Group, that it entered into the agreement with a long-termview to seek a good investment. Through the discussions and arrangements, LongWell remained forthright and the latest ruling attests to the Group's convictionand actions."
