Beckkett, Dianlia still locked in legal battle over Adaro. IBT shares
Friday, September 23 2005 - 03:10 AM WIB
Todung Mulya Lubis, a lawyer representing Beckkett told Petromindo.Com that the company is preparing a series of legal suits over the matter.
Singapore Court of Appeal in its August 25 decision, upheld ruling by lower court, which deemed that the transfer of Beckkett?s shares in Adaro and IBT to Dianlia was legal. According to Singapore?s lawyer Ng Soon Kai from Ng Chong & Hue, LLC, which represents Dianlia in its release Thursday, stated that the court?s decision was final and binding.
Jakarta High Court had earlier annulled South Jakarta District Court decision, which declared the transfer of shares was legal.
?We warned related parties, including the branches of Indonesian government, management of Adaro and IBT and other parties to refrain from participating in any form of corporate action or will face legal action,? said Lubis.
Beckkett, a company controlled by Indonesian pulp and paper tycoon Sukanto Tanoto had 74.2 percent shares in PT Swabara Mining and Energy, which in turns had 99.98 shares in PT Asminco Bara Utama, the 40 percent shareholder of Adaro Indonesia and IBT.
The problem began during Indonesian economic crises in 1997 when Deutcshe Bank gave US$100 million bridge loan facility to Asminco through its Singapore branch with Beckkett?s shares in Swabara, Swabara?s shares in Asminco and Asminco?s shares in Adaro and IBT as collateral through share pledge agreement.
Asminco apparently had trouble in paying the loan back and on January 18, 2002 deutsche Bank sold the shares of Asminco in Adaro and IBT to Dianlia. Lubis argued that the sale was illegal because Deutsche Bank executed the share transfer without the benefit of public auction.
On February 19, 2002, based on petition filed by Deutsche Bank, South Jakarta Distric Court declared the sale of the shares were legitimate.
But three years later on February 2005, Jakarta High Court, based on Beckkett?s petition annulled South Jakarta Court decision and give ownership back to former owners.
Dianlia, which is controlled by Suryadjaya family through Edwin Soerjadjaya, son of the former owner of respected Indonesian conglomerate PT. Astra Internasional, currently holds 51 percent shares of Adaro. Edwin Soerjadjaya with a group of other Indonesian businessman had recently increased its ownership in Adaro and IBT through acquisition of Australian mining firm New Hope?s shares for US$378 million.(godang)