Xstate Resources Limited (ASX: XST) (“Xstate” or “the Company”) provides the following update in relation to its Singapore High Court action against Tanzil Hidayat, Chloe Kwok Yun Qing and Hong Hung Thiam.
The Company is pleased to announce 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 (Tanzil Hidayat, Chloe Kwok Yun Qing and Hong Hung Thiam) ("Singapore Order").
The registration in Singapore is a significant milestone for several reasons, including
1. Xstate has leave to enforce the WA Australian judgment as if it were a Singapore judgment;
2. Xstate has liberty to enter judgment against the defendants 14 days after personal service of the Singapore Order on the Defendants; and
3. Xstate has liberty to apply for further orders.
Furthermore, the Singapore High Court has also in principle granted Xstate leave to enforce the costs of the Australian proceedings, subject to the quantum of these costs being been decided.
As previously advised, the Australian Judgment has ordered that the defendants pay the Company a total of US$33,187,960 as damages plus interest of US$1,612,934.86 (total of US$34,800,894.86).
The Australian Judgment also ordered that the said defendants pay the Company's costs of the entire WA Supreme Court action and of the summary judgment application without regard to the limits imposed in the Legal Profession (Supreme Court) (Contentious Business) Determination 2016.
The Company’s Singapore legal representatives have personally served the Singapore Order on two of the three defendants thus far. 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 also advises that the date of appeal (18 January 2018) by the three defendants in WA Supreme Court has passed.
As previously advised Xstate will continue its efforts to reach a satisfactory and swift resolution of its claim for damages against three defendants and is prepared to pursue the claim through the Singapore courts.
The Company will keep the market fully informed of further developments.
XST Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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