Indonesian coal miner PT Atlas Resources Tbk sued Noble Group Ltd. and is seeking over US$260 million in compensation, adding to the company's deepening problems, Bloomberg News wrote March 23.
According to the report, the case was registered March 19 and is against Noble Group, its Noble Resources International Pte. Ltd. unit and CEO William Randall. It relates to share sales of Atlas units PT Alhasanie and PT Borneo Minerals, and former subsidiary PT Sumber Daya Kumala.
The Indonesian firm also wants to cancel marketing deals with Noble Group and one of its units from 2013 as well as share sales. Noble Group confirmed the lawsuit but said it is "not aware of the grounds for the claim."
Atlas' lawsuit is a recent addition to Noble Group Ltd.'s deepening problems, which include a notice of default on its US$379 million 3.625% senior notes due 2018 and a separate lawsuit filed by Noble Group shareholder Goldilocks Investment Co. Ltd.