Beckkett to appeal against Singapore high court verdict

Singapore-based Beckkett Pte Ltd, indirectly owned by Indonesian tycoon Sukanto Tanoto, will appeal against the high court's verdict on the company's attempt to regain control over the ownership of a major coal mining company in South Kalimantan .

 

Todung Mulya Lubis, the Indonesian lawyer of Beckket said in Jakarta last week that his team and the company's lawyer in were still preparing the appeal against the court's decision which he said as being not "clear", Kontan daily reported Monday.

 

He said that the decision was vague because the court at the same time ordered Deutsche Bank also to pay a compensation of S$1,000 to Beckkett for its failure to fulfill its pledge.

 

Last week, Local firm PT Dianlia Setyamukti (DSM) said it was cleared by the Singapore High Court of any wrongdoing in its purchase of shares in coal miner PT Adaro and PT Indonesia Bulk Terminal (IBT) from Deutsche Bank AG.

 

The dispute stemmed from Deutsche's 1997 loan of $100 million to PT Asminco Bara Utama, which provided collateral in the form of its stakes in Adaro and PT Indonesia Bulk Terminal. Asminco defaulted on the loan, which had been guaranteed by Beckkett, and the German bank foreclosed on the collateral, selling the stake in Adaro and other companies to Dianlia for $46 million in a private sale. (*)