1 August 2008 - Del Monte Pacific Limited (“DMPL” or “Company”) wishes to announce that on 29 July 2008, DMPL's subsidiary, Del Monte Philippines Inc. (“DMPI”) had filed a countersuit against Sulpicio Lines, Inc. (“Sulpicio”) claiming damages of approximately PhP 43.7 million (US$ 1.0 million) for loss of shipment, and reputational, exemplary and consequential damages suffered.
Sulpicio is the owner of the ill-fated M/V Princess of the Stars that capsized on 21 June 2008 off Sibuyan Island in the Philippines with DMPI's endosulfan cargo.
The countersuit is in response to Sulpicio's baseless claim of PhP5.5 million (US$ 0.1 million) against DMPI alleging that DMPI did not disclose the toxic nature of the endosulfan cargo. Documents presented by DMPI to the Board of Marine Inquiry of the Philippine Coast Guard and during the Congressional hearing on the sinking of the M/V Princess of the Stars clearly indicated that DMPI had complied with all the applicable rules and regulations pertinent to the cargo.
The Company will make further announcements as and when there are material developments in this case.