ST Engineering unit appeals against debarment from India

ST Kinetics reiterates that it has not received any official notification on its disbarment by the Indian Ministry of Defense.

ST Engineering (STE) this morning disclosed that it has received an order dated 5 Mar 2012 from India’s Ordnance Factory Board (OFB) ordering 1) the "cancellation of all agreements" with ST Kinetics, specifically a non-disclosure agreement signed on 11 Aug 2008; and 2) ST Kinetics be debarred from entering into any contract with the OFB for a period of 10 years.

The group is seeking legal advice on this matter to clear its name.

Source: OCBC Investment Research

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