Brief: Ramba Energy updates on court of appeal by Verona in Singapore high court

Eneco Energy

12/04/2017 11:52

April 12 (Reuters) - Ramba Energy Ltd  RAMB.SI  
    * Refers to notice of appeal filed by Verona on judgment 
issued by Singapore High Court on 7 Oct 2015 that was awarded 
against Verona and in favour of co's unit 
    * Court of appeal has on 10 April 2017 reversed judgment and 
allowed Verona's appeal 
    * Based on brief oral judgement delivered in court, court 
found that REWJ was in breach of contract of investment 
agreement dated 25 July 2011 
    * Board does not expect court ruling to have any material 
impact on group's performance for financial year ending 31 
December 2017 
    * With regard to damages, court of appeal did not reverse 
decision of high court insofar as Verona's claim for expenses 
was disallowed 
    * Regarding US$1 million invested by Verona, parties are 
invited to file further submissions with Verona having 2 weeks 
to file its submissions 
 
Source text for Eikon:  ID:nSNZ4L172k  
Further company coverage:  RAMB.SI  
 
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