Onder 2.5.4. Gerechtshof Amsterdam 14 november 2017

(…) it is clear that Indover is in a dire position. We understand that (…) Indover will as of today not have sufficient liquidity. Indover has requested liquidity support from Bank Indonesia. At this point in time it is not certain whether this support will be granted. It is in this context that you have asked our advice as to what action would be required from the board of managing directors and the board of supervisory directors in view of their duties under Netherlands law. We feel that as a matter of urgency all members of the board of supervisory directors, as well as the shareholder, should be made aware of the acute situation in express terms. In addition, it should be pointed out to either party that unless Bank Indonesia confirms in writing that it will ensure that Indover will meet its obligations, followed up by immediate liquidity support, Indover will not be able to meet its obligations and, is therefore technically bankrupt. Such a confirmation and support can take various forms, such as a pledged deposit or guarantee, but should be forthcoming in a matter of days, if not hours.

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