Surf and boardsports retailer Billabong International has hit back at an AUD168 million (USD153 million) lawsuit launched against it by its former Indonesian licensee, claiming the action is without foundation.
Billabong said on Tuesday it believed the civil claim was highly unlikely to have any significant adverse effect on its business outside Indonesia or on the revenue, profitability and financial condition of the Billabong group as a whole.
(Source: The Sydney Morning Herald Online)