ABN had also issued a second bounced cheque of approximately $400,000 to Nera (Thailand), and Nera (Thailand) had separately brought a second set of claims against ABN for the same. These proceedings are currently pending for hearing in the Thai courts.
According to a filing on July 24, NeraTel says that both the group and its subsidiary has received legal advice that the charge is “frivolous and without any merit”, and Nera (Thailand) intends to “vigorously defend it”.
NeraTel says it will continue to monitor the progress of the matters and provide updates where required.
Shares in NeraTel closed at 8.7 cents on July 24.
