PSL's director for marine logistics files claim in Indonesia against company

SINGAPORE - PSL Holdings said on Monday (Aug 22) that it has been notified by its director for marine logistics, Sudirman Kurniawan, of an application he has filed in Indonesia against the group.

PSL last year acquired a 49 per cent stake in PT Momentum Indonesia Investama (Investama) from Mr Sudirman and Angelo Fernandus, which was approved by shareholders of the group and completed on Nov 25, 2015.

Mark Zhou, PSL's former chief executive officer and Natalie Koh, its former group financial controller, were appointed directors representing the company on the board of Investama.

Following their resignations, PSL requested for a change of the nominee directors. This request was resisted by Mr Sudirman, one of the minority shareholders of Investama.

PSL said its board was recently notified by Mr Sudirman that he has filed an application in Indonesia against the company, Angelo Fernandus and Investama to seek a declaration that certain clauses of the sle nd purchase relating to PSL's right to appoint directors to the board of Investma are null and void.

Mr Sudirman is also seeking damages from PSL as a result of the company having appointed its nominee directors to the board of Investama.

PSL said it has yet to be formally served with the Indonesian court papers. Its board is currently seeking legal advice on the allegation and will provide further updates if there are any material developments.