Bumi plans legal proceeding to settle dispute with Rosan Roeslani
Friday, December 6 2013 - 12:26 AM WIB
London-listed mining company Bumi Plc said that it has decided to go through an arbitration process in Singapore to settle dispute over US$173 million worth of funds it claimed to be owed by Rosan P. Roeslani, former president director of IDX-listed coal miner PT Berau Coal Energy Tbk, a subsidiary of Bumi.
The company said in a statement on Thursday that the decision to resort to legal proceeding was made as it believes that Rosan ?does not intend to make any payments or meet any of his obligations under? an earlier agreement made in June.
The case emerged after Bumi earlier this year found financial irregularities worth $201 million at Berau. Rosan has not admitted any wrongdoing. Rosan could not be immediately reached for comments.
Editing by Reiner Simanjuntak