its all public information, just visit the respective courts websites. perth/WA supreme court and singapore supreme court
xst have announced this already, some 60 days back, i see no further changes in what they are doing, it all goes ahead as it should.
The Company is progressing to enforce its recent Singapore judgment against Tanzil Hidayat, Hong Hung Thiam and Chloe Kwok through the Singapore Courts. The Judgment has ordered that those defendants pay the Company a total of US$33,187,960 in damages plus interest of US$1,620,300 and Xstate’s legal costs.
Legal Update on Supreme Court Action
In February 2017, only days before the Company was due to financially close the acquisition of Los
Angeles Basin oil fields the four defaulting investors failed to meet their financial obligations under
the binding subscription agreements. Over the course of the following months, despite numerous
assertions and representations that they would pay, Xstate did not receive any funds. As a result of
their non payment, the vendor terminated the Sales and Purchase Agreement and Xstate incurred
significant losses.
All efforts were made to maintain communication with the defendants in the hope they would pay
without needing to resort to court action, but these efforts were not successful. Accordingly, in July
2017 the Company initiated WA Supreme Court action and was successful in having the court process
expedited, with the result that the WA Supreme Court special hearing was heard on December 4,
2017.
On December 4, 2017, Xstate advised the market that the Supreme Court of Western Australia
awarded summary judgment in favor of the Company against three of the four defendants.
The Company has initiated legal steps to enforce the judgment against the said defendants in
Singapore through its international lawyers Clifford Chance. On January 22, 2018 Xstate advised the
market that the High Court of The Republic of Singapore has granted Xstate's application and
registered the Western Australian Summary Judgment ("Australian Judgment") against the three
defendants ("Singapore Order").
All three defendants have been served the Singapore Order and in accordance with the Singapore
rules there is a 14-day moratorium period from the date of personal service before Xstate can
proceed to take enforcement measures (if necessary).
Xstate is endeavouring to reach a resolution with the investors in respect of Xstate's claim for
damages relating to the investors' breach of contract, which is a material event for Xstate
shareholders.
The Company will keep the market fully informed of any further changes.
*** if you do bankruptcy searches in the singapore system you will see action is afoot in that direction on all three, they are all coming up in the search engine results, so xstate are exploring that option and obviously have the ability to do so if so desired
XST Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
(20min delay)
