Noble Group's Week From Hell Gets Even Worse as Miner Sues
- Indonesia’s PT Atlas files claim for more than $260 million
- Trader hasn’t yet been served, but intends to defend itself
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Noble Group Ltd.’s week of woe just got a lot worse as the trader, which has defaulted and seen founder Richard Elman quit the board, was sued by an Indonesian coal miner for more than a quarter of a billion dollars in a case that may jeopardize some of its remaining business.
In addition to the sum sought, PT Atlas Resources is seeking to cancel marketing deals with Noble Group and one of its units made in 2013, as well as unwinding equity transactions between the two groups, according to a court summary of the lawsuit filed by the miner in the Central Jakarta court this week. On Friday, the Hong Kong-based trader said that while it’s aware of the case, it hadn’t yet been served and it plans to contest the claims.