The Queensland Supreme Court ruled today (June 10, 2010) that when Billabong terminated its licensing agreement with Suzi Burke Suwenda’s company CV Bali Balance they did it correctly, according to a story in The Australian.
CV Bali Balance, associated with Sydney-born businesswoman Suzi Burke Suwenda, has lodged a claim in a Bali court for about $168 million in damages from Billabong after the surfwear company cancelled a distribution licence in 2005. . . The action in a Denpasar court is current, but the Queensland Supreme Court ruling should have a big bearing on the case in Bali, with several of the legal actions there relating to the legality or otherwise of the termination of the distribution agreement.
Even with the good news Billabong’s stock still dipped .11 percent yesterday. Suwenda, on the other hand still believes PT Bali Balance will prevail in their civil case in Indonesia, according to Goldcoast.com.au.
[Link: The Australian and Goldcoast.com.au]
