Dragon Group International Limited (SG:MT1) has released an update.
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Dragon Group International Limited has announced it received a Notice of Arbitration from Sputnik Energy Ltd, claiming $10 million over an investment dispute involving share distribution. The conflict stems from a contentious share transfer following a Joint Venture Agreement and Share Subscription Agreement with Sputnik, which was allegedly circumvented by Dragon Group’s associated company’s Chairman. While assessing the situation and seeking legal advice, the company assures that the ongoing legal challenge will not impede its business operations.
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