Press Release:
GOLD COAST, 9 June 2010: Billabong International Limited advises that the Supreme Court of Queensland has determined the Company validly terminated its Indonesian license agreement in 2005.
The validity of the license termination had been challenged by the former licensee, CV Bali Balance, in a range of proceedings in Indonesia.
The license was subject to Queensland law.
The Company plans to use the Supreme Court findings as part of its defence in ongoing legal actions, the detail of which was outlined in a notice to the Australian Securities Exchange (ASX) on 9 March 2010.
Relevant Indonesian and Australian authorities will also be advised of the findings.
The Supreme Court’s ruling reinforces Billabong’s view, as stated to the ASX on 9 March 2010, that on the legal advice it has received, its own internal investigations in Indonesia and in Australia and given the testimony of its staff that there is absolutely no basis whatsoever for CVBB’s Indonesian civil claim.
MARIA MANNING
COMPANY SECRETARY
