Singapore's High Court has dismissed the lawsuit filed against Ramba Energy West Jambi (REWJ), a wholly-owned unit of Ramba Energy, on grounds that there was "no breach of contract" by REWJ.
The defamation suit, filed by Verona Capital on Sept 7, 2012, had claimed for the return of all the payments it made under the investment agreement worth US$1 million ($1.43 million) together with damages amounting to US$498,598.
In an oral judgement released on Monday, the Court dismissed the claims and allowed REWJ's counterclaim to declare that the agreement was "validly terminated" by the company.
The court ordered Verona Capital to pay costs incurred by REWJ.
Ramba Energy does not expect this lawsuit to bear any material impact on its performance for the financial year ending Dec 31, 2015.
Shares in Ramba Energy ended higher at 22.5 cents, up two cents or 9.8%
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The defamation suit, filed by Verona Capital on Sept 7, 2012, had claimed for the return of all the payments it made under the investment agreement worth US$1 million ($1.43 million) together with damages amounting to US$498,598.
In an oral judgement released on Monday, the Court dismissed the claims and allowed REWJ's counterclaim to declare that the agreement was "validly terminated" by the company.
The court ordered Verona Capital to pay costs incurred by REWJ.
Ramba Energy does not expect this lawsuit to bear any material impact on its performance for the financial year ending Dec 31, 2015.
Shares in Ramba Energy ended higher at 22.5 cents, up two cents or 9.8%
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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