Asiatic Group reiterates claims over Cambodian subsidiary

Colben Energy is a material component of the group.

Embattled Asiatic Group Holdings Limited posted in a bourse filing that it continues to look for an amicable resolution over the control of its Cambodian subsidiary Colben Energy (CEZ).

This response comes in response to questions raised by a shareholder in relation to the company’s annual report for the financial year ended 31 March 2025. A shareholder has asked Asiatic Group to clarify whether it still intends to pursue an amicable resolution to the dispute with its Cambodian joint venture partner, or if it will continue allocating resources to ongoing arbitration proceedings.

The group reiterated that it has taken steps to do so, including seeking mediation through the Singapore Mediation Centre on 8 November 2024.

“Unfortunately, until today, the parties are not able to agree on a common ground. The company is always open to amicable resolution of the dispute based on terms and conditions acceptable to both parties and not based on terms and conditions dictated solely by one party,” the group said.

In responding to queries of its shareholders, the group added in their announcement, “The Colben Entities, who are parties to an ongoing arbitration, are subject to confidentiality obligations that only permit limited disclosures of information pertaining to the Arbitration. The Colben Entities and the company will seek and be guided by the legal advice in relation to the information that can and should be disclosed.”

Asiatic shared that during a general meeting on 14 March 2024, the other shareholder of CEZ attempted to remove one of the representatives of the company as a director and chairman of CEZ and to remove the same representative as the authorised signatory of CEZ’s bank accounts. The group is challenging these acts.

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