Berau Coal urges Rosan Roeslani to settle financial obligations

IDX-listed coal mining firm PT Berau Coal Energy Tbk said its former president director Rosan Roeslani has yet to fulfill financial obligations worth US$173 million as awarded by to the company by a Singapore arbitration in 2014.

Berau Coal Corporate Secretary Gamal H. Wanengpati was quoted by Kontan as saying Thursday that the company will continue efforts to enforce the Singapore arbitration ruling, and urged Rosan to immediately settle his financial obligations. ?We want the (financial) obligations to be entirely settled immediately,? Gamal told the paper.

Asia Resource Minerals Plc (ARMS), which is now controlled by the Indonesian well-diversified Sinar Mas Group, which holds about 85 percent stake in Berau Coal, won late in 2014 the arbitration proceeding against Rosan. The company decided in December of 2013 to go through the arbitration process in Singapore to settle dispute over $173 million worth of funds it claimed to be owed by Rosan.

Rosan, who is now Chairman of the Indonesian Chamber of Commerce and Industry (Kadin), declined to provide much comment, telling Kontan that the paper should instead talk to Berau as both sides have reached a settlement agreement, which was later dismissed by Gamal.

ARMS said last year it was seeking to register the Singapore arbitration ruling in a various countries including the US, France, Singapore, and Indonesia in a bid to seize Rosan?s assets. (*)