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MarketScreener Homepage  >  Equities  >  STOCK EXCHANGE OF THAILAND  >  Energy Earth PCL    EARTH   TH0551010Y03

ENERGY EARTH PCL (EARTH)
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Energy Earth PCL : To inform progress of lawsuits with trading partners

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12/07/2018 | 05:08pm CET

7 December 2018

SubjectTo inform progress of lawsuits with trading partners

Attention President

The Stock Exchange of Thailand

Reference is made to 9 legal cases that Energy Earth Public Company Limited has been sued by its trading partners due to disputes on agreements, damages, defaults, and opportunity costs as follows;

  • 1. Tianjin Botai Zhongxing Trading Co., Ltd. taking legal action on 13 July 2017 with Black Case no. P.1346/2560 the Southern Bangkok Civil Court for an amount of THB 12,600,000,000.

  • 2. Jiangsu Guangrun Trading Co., Ltd. taking legal action on 13 July 2017 with Black Case no. P.1347/2560 the Southern Bangkok Civil Court for an amount of THB 11,200,000,000.

  • 3. Mr. Lin Tong Hai taking legal action on 20 July 2017 with Black Case no. P. 1415/ 2560 the Southern Bangkok Civil Court for an amount of THB 2,975,000,000.

  • 4. Amazen Pte Ltd. taking legal action on 20 July 2017 with Black Case no. P.1416/2560 the Southern Bangkok Civil Court for an amount of THB 5,500,000,000.

  • 5. Marco Polo Ventures Ltd. taking legal action on 21 July 2017 with Black Case no. P.1435/2560 the Southern Bangkok Civil Court for an amount of THB 1,300,000,000.

  • 6. Marco Polo Ventures Ltd. taking legal action on 21 July 2017 with Black Case no. P.1434/2560 the Southern Bangkok Civil Court for an amount of THB 1,000,000,000.

  • 7. Napoleon Logistics Co., Ltd. taking legal action on 21 July 2017 with Black Case no. P.1436/2560 the Southern Bangkok Civil Court for an amount of THB 1,500,000,000.

  • 8. Krung Thai Bank Public Co., Ltd. taking legal action on 21 July 2017 with Black Case no. 129/2560 the Intellectual Property and International Trade Court for an amount of THB 511,365,098.

  • 9. Krung Thai Bank Public Co., Ltd. taking legal action on 24 July 2017 with Black Case no. 131/2560 the Intellectual Property and International Trade Court for an amount of THB 386,431,044.

    After the Company has received the legal notice and copies of lawsuits for damages with appendix including details of agreements, the Company has denied and defended the cases. Subsequently, on 24 July 2017, the Company has filed the petition for rehabilitation to the Central Bankruptcy Court. The Court has accepted the case and proceeded with hearing. During the hearing, none of creditors has objected to the Company's entry into the rehabilitation process. The Court therefore has given an

Order for the Company to enter into the rehabilitation process on 21 September 2017 and appointed EY Corporate Advisory Services Ltd. as the Planner. On 27 September 2017, the Planner, the Company's Directors, the Lawyers of Creditor no. 1 to 7, have requested the Court to establish a settlement process among parties. The Creditor no. 1 to 4 have proposed condition for the Planner to maintain rights and obligations according to the agreement between the creditors and the Company prior to the rehabilitation process and the creditors would withdraw the lawsuits in the Southern Bangkok Civil Court within 7 days. Thereafter, all of the party have reached an agreement as proposed. For creditor no. 5 to 7, they will submit claims for repayment in accordance with the law.

Subsequentlybetween3and16October2017,theCourthasgivenApprovalOrderforPlaintiff'swithdrawal and dismissed the 4 cases (no.1-4) from the Court since the Plaintiff and the Defendant have reached an agreement in the settlement. The Plaintiffs have withdrawn the legal action against the Defendant (Company); therefore, the Company did not incur any damage.

Please be informed accordingly.

Sincerely Yours

( Ms. Paradee Teowanitchakul ) ( Mr. Noppadon Chaidarun )

Director Director

Disclaimer

Energy Earth pcl published this content on 07 December 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 December 2018 16:06:01 UTC

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