What you need to know about the Boustead litigation

The defendant, Arab Banking Corporation, has commenced an action against Boustead.

The Board of Directors of Boustead Singapore Limited made an announcement relating to proceedings in the High Court of the Republic of Singapore taken by Boustead against Arab Banking Corporation or the defendant.

According to the announcement, the defendant has commenced an action against Boustead in the High Court of the Republic of Singapore by way of Suit No. 784 of 2012/Q seeking, inter alia, a combined sum of US$ 18,781,481.20 under the Counter-Guarantees and the Facility Agreement and interest thereon, as well as costs on an indemnity or standard basis.

Boustead disputes the claim and intends to defend itself vigorously against the action. The claim has been referred to the company's lawyers, who are of the view that the company has a good defence to the claim.

Meanwhile the interim injunction granted by the High Court of the Republic of Singapore against the defendant on 30 August 2012 to restrain Arab Banking Corporation from making payment of monies under the Counter-Guarantees and from renewing or extending the period of validity of the Counter-Guarantees until after the hearing of the fresh action or until further order remains in place.

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