Pteris Global files for injunction application against Crisplant

There had been a contractual dispute.

The Board of Directors of Pteris Global Limited announced that the company had filed for an injunction application in the High Court of the Republic of Singapore against Crisplant A/S.

The Injunction application was filed after Crisplant had called on the performance guarantee, issued by DBS Bank Ltd for approximately S$6.5 million, following a contractual dispute between the company and Crisplant for a project undertaken in the Middle East.

The announcement said the injunction application was heard and granted by the High Court on 12 November 2012. Pursuant to the Court order, Crisplant is restrained, whether by itself, its officers, agents, including its bankers, or servants or otherwise, from receiving payment of the performance guarantee sum or any sum from DBS Bank Ltd.

Pteris Global is being advised by its solicitors on the next steps for the above proceedings.