JAKARTA (TheInsiderStories) — After some misunderstandings between commissioners and former directors of PT Tiga Pilar Sejahtera Food Tbk (IDX: AISA), the drama continues. Recent management has been chosen on Oct. 22, 2018 did a civil lawsuit against the former management.
“As legal authority of TPS Food, we have submitted legal civil lawsuit in South Jakarta State Court related to alleged violations allegedly done by former management and other related parties,” Andi F. Simangunsong as TPS Food legal authority, said in press statement last week.
The former board of directors who are being sued are Stefanus Joko Mogoginta, Budhi Istanto Suwito, and Sjambiri Lioe. Besides, other defendants are from PT Tiga Pilar Corpora, PT Arbe Styrindo, PT ABS Industri Indonesia, Gateway Styrindo Pte Ltd, and Ridley Chemicals Pte Ltd.
Eight other parties, including Ministry of Law and Human Rights, also Investment Coordinating Board, are also accused. These parties are being sued due to indication of company funds misuse.
Certain individuals allegedly use company’s funds for acquire petrochemical companies, PT Arbe Styrindo and PT ABS Industri Indonesia, not in line with TPS Food business in consumer goods. The lawsuit, according to Simangunsong, aims to protect company’s interest and strive asset recovery.
TPS Food management claimed for didn’t do any direct nor did indirect transactions over Arbe Styrindo and ABS Industri Indonesia. By this, Simangunsong hoped, law enforcer will not take any steps while the disputed petrochemical companies are being examined in court.
While, former President Director of TPS Food Mogoginta denied purchasing any Arbe Styrindo or ABS Industri Indonesia shares.
While, eight subsidiaries of TPS Food, which are currently undergoing three cases of Delaying Debt Payment Obligations, requested an extension for 60 days, said Uli Simanungkalit, member of the the company’ legal counselor.
Written by Staff Editor, Email: theinsiderstories@gmail.com