Commerzbank to pay Long Well $41m for breaching agreementsStaff Writer | February 11, 2019
Singapore's highest court, the Court of Appeal, has upheld an earlier High Court order for Commerzbank-owned Commerzbank Asset Management Asia (CAMA) to pay Long Well Group $41 million in relation to a soured investment.
Asia Long Well had sought to invest about $18 million
Singapore-headquartered Long Well, a private conglomerate with interest in energy, construction and property in South-east Asia, had sought to invest about $18 million (S$24.4 million) in the concessions.
Including interest, the Singapore High Court in March 2018 had ordered CAMA to pay $41 million to Long Well.
The latest judgment was delivered by Judges of Appeal Andrew Phang and Steven Chong, and Justice Quentin Loh. Given that the Court of Appeal's decisions are final and binding, the ruling concludes the long-running litigation case which first began in 2012. ■