ARMS wins arbitration case against Roeslani
Thursday, January 1 2015 - 01:54 AM WIB
LSE-listed mining firm Asia Resource Minerals plc (ARMS) said that the arbitration proceedings against Rosan Roeslani have been successful.
?The arbitration tribunal in Singapore has issued an award confirming that Mr Roeslani is obliged to make payment under the settlement deed dated 26 June 2013 of the full sum of US$173 million, plus accrued interest and legal costs,? ARMS said in a statement Wednesday.
The details of the award remain confidential.
The company said it will seek to enforce the arbitration award by all available means against Roeslani, and will update on its progress in this regard as soon as practicable in January 2015.
ARMS, formerly known as Bumi Plc, decided in December of 2013 to go through an arbitration process in Singapore to settle dispute over $173 million worth of funds it claimed to be owed byRoeslani, former president director of IDX-listed coal miner PT Berau Coal Energy Tbk, a subsidiary of Bumi.
The company resorted to the legal proceeding as it believed that Roeslani had no intention to make any payments or meet any of his obligations under an earlier agreement.
The case emerged after Bumi earlier in 2013 found financial irregularities worth $201 million at Berau.
Editing by Reiner Simanjuntak