Churchill files its Supplemental Memorial to ICSID
Saturday, May 11 2013 - 03:35 AM WIB
Churchill Mining PLC reported on Friday that it filed with the Arbitration Tribunal at the International Centre for Settlement of Investment Disputes (ICSID) their Supplemental Memorial and supporting expert evidence concerning their claim for damages in their international arbitration against the Republic of Indonesia (ROI).
Key elements within the Memorials include:
- Churchill/Planet invested in Indonesia in compliance with applicable laws and regulations
- Indonesia initially supported and encouraged Churchill/Planet to invest; After Churchill/Planet's discovery of substantial coal deposits, the ROI took a series of unlawful actions that resulted in the destruction of Churchill/Planet's valuable investment
- The actions of the ROI constitute blatant violations of the obligations it has undertaken under its Bilateral Investment Treaties with the United Kingdom and Australia, and
- Churchill/Planet presently quantify their losses and seek damages in the amount of USD 1,054 million (excluding interest) based on an industry-standard Discounted Cash Flow analysis.
A hearing on jurisdiction is scheduled to be held in Singapore on the May 13-14, 2013.
Editing by Adianto P. Simamora