Commerzbank Asset Mgt Asia Liable to Pay Long Well Group S$38M for Contract Breach_时代人物杂志社--唯一官网_http://www.ems86.com/index.php
 
品牌博览会
 
Commerzbank Asset Mgt Asia Liable to Pay Long Well Group S$38M for Contract Breach
投稿信箱:ems9586@163.com   编辑部:电话:010-86109586广告部:电话:010-86109586发行部:电话:010-86109586

Singapore High Court ruling based on legal proceedings that began in 2012; Long Well has commenced action to enforce judgement

 

SINGAPORE - Media OutReach - 7 May, 2018 -  In a Singapore High Court judgement just released, Commerzbank Asset Management Asia Ltd., the fund management entity of reputable German lender Commerzbank Aktiengesellschaft, has been found to have breached its contract with Long Well Group Ltd. and its related Singapore and Indonesian entities.


For these breaches, Commerzbank Asset Management Asia will now have to pay S$38 million in compensation, based on the liable amount and interest accruing from about the time these agreements were signed.


The Court ruled that Commerzbank Asset Management Asia had breached three 2006 agreements with Long Well Group and its related companies, which sparked this case.


Long Well and its related entities are now in the process of enforcing the judgment of the Singapore High Court on Commerzbank Asset Management Asia.


Long Well Group and its related entities are privately held with business interests in energy, construction and property in Southeast Asia. They began legal proceedings against Commerzbank Asset Management Asia in 2012.


The defendants in this Singapore High Court case included German-headquartered Commerzbank Aktiengesellschaft, which owns Commerz Asset Management Asia Pacific Pte. Ltd., which in turn owns Commerzbank Asset Management Asia.


In the judgment handed out, Commerzbank Asset Management Asia was found "to be in breach of the Transfer Agreement and the Share Subscription Agreements since [Commerzbank Asset Management Asia] was obliged to effect the transfer."


Origins of the Long Well Group vs Commerzbank Suit

 

This case dates back to October 2005 when one of the defendants, a Commerzbank-related entity and a co-bidder successfully bid for and secured oil and gas concessions in Libya.


As negotiations progressed, the plaintiffs were expecting to "acquire a direct stake in the profits gained from the venture".


However, despite making financial payments, Long Well Group and the plaintiffs claimed that they "never received ownership" of the Commerzbank fund and that the participating shares were not transferred to them.


As a result, Long Well Group and the plaintiffs commenced the legal action against the Commerzbank entities in 2012 to seek compensation.


(Link: Suit No. 28 of 2012 of the High Court of Singapore between Long Well Group Ltd. and Commerzbank Aktiengesellschaft)

时代人物杂志社--唯一官网   2018-05-08 23:04:29 作者:www.ems86.com 来源: 文字大小:[][][]
热门文章
《西北民族大学学报》增刊2013年4月号征稿启事 3/22
2013年应用社会科学国际学术会议(ISTP) 3/22
2014第七届中国(杭州)国际花园、户外家具及休闲用品展览会举办时间:2014-03-27-2014-03-30 2/26
2019中国(北京)国际薄膜与胶带展览会 8/23
解码ZARA创新供应链管理模式 5/9
 

过刊检索

中国知网

 万方数据

 维普资讯

 读览天下

龙源期刊网

悦读网

 

 

组织机构

主管单位:陕西人民出版社有限责任公司

主办单位:陕西人民出版社有限责任公司

编辑出版:《时代人物》杂志社

国内统一刊号:CN61-1455/C

国际标准刊号:ISSN 1674-0645

邮发代号:52-251

 

社址:西安市雁塔区丈八一路汇鑫IBC大厦     

投稿电话:029- 86191817  86618685  

投稿信箱:87610500@163.com 

网址: http://www.ems86.com

微信号:13571876017     ems9588

中国知网数据库往期收录链接如下:http://navi.cnki.net/knavi/JournalDetail?pcode=CJFD&pykm=SDRW

 

关于我们 在线投稿 汇款方式 全站搜索 友情链接

        说明:部分文章源于网络转载,原作者无法查证,如有侵犯版权或不同意网络资源共享,请联系指出,我们会立即进行改正或删除有关内容。
        咨询电话:029-86191817 86618685   投稿信箱:ems9586@163.com