JP Morgan appeals on Kalbe case

US-based bank JP Morgan Chase has filed an appeal to Jakarta High Court to challenge the verdict of Central Jakarta district court in relation to legal battle with PT Kalbe Farma (KLBF) Tbk.

Kalbe Farma told investors that it had on July 21 received an appeal notification from Central Jakarta district court.

Early this year JP Morgan filed lawsuit against Kalbe, seeking US$19.2 million payment because, according to JP, Kalbe refused to honor two exchange-rate derivative contracts last year. Kalbe then filed counter lawsuit in Central Jakarta District Court, seeking US$120 million of compensation. Early last month, Kalbe won the case.

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