Court rules in favour of Billabong
June 9, 2010
Billabong International Limited (BBG) announced that the Supreme Court of Queensland has determined the surfwear retailer validly terminated its Indonesian license agreement in 2005. The company said the validity of the license termination had been challenged by the former licensee, CV Bali Balance, in a range of proceedings in Indonesia.
Billabong added that the license was subject to Queensland law.
The company said it plans to use the Supreme Court findings as part of its defence in ongoing legal actions.
In addition to the civil claim, CVBB undertook a number of other actions in Indonesia, which Billabong said in a statement on 9 March 2010, were designed to influence the settlement negotiations between the parties.
Billabong said today’s ruling reinforces its view that on the legal advice it has received, its own internal investigations in Indonesia and in Australia and given the testimony of its staff that there is absolutely no basis whatsoever for the civil claim.
In March Billabong said in its view, the civil claim was simply tactical litigation in Indonesia to attempt to influence the settlement discussions which are ongoing between Billabong and CVBB.
As at 1427 AEST, Billabong shares were down 1c to $9.40.
Billabong added that the license was subject to Queensland law.
The company said it plans to use the Supreme Court findings as part of its defence in ongoing legal actions.
In addition to the civil claim, CVBB undertook a number of other actions in Indonesia, which Billabong said in a statement on 9 March 2010, were designed to influence the settlement negotiations between the parties.
Billabong said today’s ruling reinforces its view that on the legal advice it has received, its own internal investigations in Indonesia and in Australia and given the testimony of its staff that there is absolutely no basis whatsoever for the civil claim.
In March Billabong said in its view, the civil claim was simply tactical litigation in Indonesia to attempt to influence the settlement discussions which are ongoing between Billabong and CVBB.
As at 1427 AEST, Billabong shares were down 1c to $9.40.
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