Singapore Apex Court Rules Commerzbank Asset Mgt Asia Liable for S$41M Judgment Debt

Long Well Will Enforce Judgment Debt on Commerzbank Entities

 

SINGAPORE – Media
OutReach – 8 February 2019 – Long Well Group Ltd., a privately-held conglomerate
with wide ranging business interests, said today that the Singapore Court of
Appeal upheld the Singapore High Court’s earlier judgment that Commerzbank
Asset Management Asia Ltd. had breached agreements entered into with the plaintiffs.

 

The plaintiffs
in this case are Long Well Group Limited and its related entities, which are privately
held with business interests in energy, construction and property in Southeast
Asia.

 

The defendants
are German-headquartered Commerzbank Aktiengesellschaft, which owns Commerz
Asset Management Asia Pacific Pte. Ltd., which in turn owns Commerzbank Asset
Management Asia. The latter remains a “live” company.

 

Given that
rulings by Singapore’s Court of Appeal’s decisions are final and binding,
Commerzbank Asset Management Asia is liable for the judgment debt of S$41
million.

 

Long Well will
now have full recourse to enforce this judgment debt.

 

The judgment
was delivered by Judges of Appeal Andrew Phang and Steven Chong, and Justice
Quentin Loh.

 

Specifically,
Singapore’s highest court maintained in its latest ruling that Commerzbank
Asset Management Asia was in breach of the Transfer Agreement and the Share
Subscription Agreements entered into with Long Well Group Limited and PT
Citrabumi Sacna.

 

The Singapore
Court of Appeal, in maintaining the High Court’s decision, remarked that it was
not persuaded by Commerzbank Asset Management Asia’s arguments.

 

Since the Singapore High
Court judgment in March 2018, Long Well Group and the other plaintiffs have
made numerous efforts to obtain the judgment sum. Yet, this judgment sum remains
unsatisfied.

 

A statement from the Long
Well litigation team, Lee & Lee, said: “The latest ruling vindicates the
position of the Long Well Group, that it entered into the agreement with a long-term
view to seek a good investment. Through the discussions and arrangements, Long
Well remained forthright and the latest ruling attests to the Group’s conviction
and actions.”