Ending with a peace agreement, Sushi Tei buys all the shares of former President Director


As an update to our article covering the IDR 3.5 trillion dispute behind Sushi Tei Indonesia, the convoluted legal case between Sushi-Tei and former President Director Kusnadi Rahardja ended as an agreement was reached between all parties to the dispute namely Kusnadi Rahardja (1st Party), PT Sushi-Tei Indonesia (2nd Party), Sushi-Tei Pte Ltd (3rd Party), Director of PT Sushi-Tei Indonesia, Sonny Kuniawan (4th Party), and PT Boga Inti (5th Party).

According to Sushi-Tei’s Attorney, the two sides have communicated intensely regarding the amicable resolution since the end of December 2019 without mediation of the Central Jakarta Commercial Court. Under the Peace Agreement, the parties to the dispute agreed to drop all lawsuits related to the case in court.

In accordance with the mandate of the agreement, both parties, Kusnadi Rahardja and Sushi-Tei, have withdrawn all civil claims. The panel of judges have determined not to continue the trial process. Like many criminal cases, all reports by both Kusnadi Rahardja and Sushi-Tei have also been revoked and the examination has been stopped. The parties also agreed to stop all claims including claims for compensation as a result of the legal dispute that occurred.

As a result of this peace agreement, Kusnadi has agreed to sell all of his shares in PT Sushi Tei Indonesia to Sushi-Tei Pte Ltd (Singapore). Sale and transfer of rights to shares by Kusnadi Rahardja to Sushi-Tei Pte Ltd (Singapore) have been carried out and approved by the Extraordinary General Meeting of Shareholders (EGMS) of PT Sushi-Tei Indonesia. This is the core of the peace agreement that was reached between Sushi Tei, Kusnadi, and Boga Inti.

In addition to selling his shares to Sushi-Tei Pte Ltd, Kusnadi also agreed to resign from his position as President Director of PT Sushi Tei Indonesia.

The polemic itself began with the permanent termination of Kusnadi Rahardja at the Extraordinary General Meeting of Shareholders on July 22, 2019. The termination was due to issues with Kusnadi’s management of the company in violation of principles of good corporate governance. He has shares in another company and was considered to have a conflict of interest, using the SUSHI TEI brand for his own business interests. This violated the Shareholder Agreement signed when the business was established. With the disputes finally at an end, Sushi Tei will now focus on developing the business, both through expanding the Sushi Tei restaurant network and in developing new products for their customers in Indonesia.

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