Lotte Chemical Titan Holding Bhd has denied claims of suspension of its integrated petrochemical facility (IPF) in Indonesia.
In a filing to Bursa Malaysia yesterday, the company noted the project is currently at the final stage of the Front End Engineering and Design (FEED) study. In parallel, Lotte Chemical has been working on the environmental impact assessment and undertaking other activities in relation to the IPF project.
The clarification came after Korean news portals reported Lotte Chemical’s four trillion won (RM14.4 billion) IPF project in Indonesia was suspended due to the absence of group chairman Shin Dongbin, who is now in prison.
It added the project made little progress in the past 11⁄2 years due to the group chairman’s absence.
“The IPF project is being managed and supervised by the company and major changes to the IPF project, if any, would require prior approval from the board, 50% of which are independent directors, and would be duly announced by the company,” Lotte Chemical clarified. — TMR