Churchill still analyzing ICSID ruling over coal dispute
Wednesday, March 1 2017 - 02:12 AM WIB
LSE-listed Churchill Mining Plc said that it is still working with the company?s solicitors, Clifford Chance LLP, on a detailed analysis of the December 2016 ICSID Tribunal award.
?The company will update shareholders as soon as possible,? Churchill said in a statement on Tuesday.
It added that the suspension in trading of the company's shares on London?s AIM will remain in place. ?A further review of the suspension will be conducted once shareholders have been updated.?
The International Centre for Settlement of Investment Dispute (ICSID) granted in December of last year Indonesia's application to dismiss claims filed by Churchill Mining Plc and its subsidiary Planet Mining Pty Ltd for damages arising out of the revocation of the mining licenses that made up the East Kutai Coal Project (EKCP) in East Kalimantan Province.
Churchill and its Australian subsidiary Planet Mining filed in 2014 a lawsuit with ICSID against the government of Indonesia, which has been accused by the company of unlawfully revoking its mining license over the East Kutai coal project, which is Churchill?s only asset. The UK firm has sought for about US$1.3 billion in compensation. But the Indonesian government has accused Churchill of falsifying license documents of the East Kutai coal project.
Churchill, which has been ordered by ICSID to also pay a total of US$ 9,446,528 in costs and arbitration tribunal fees, said in December it plans to file a request for annulment of the award.
Editing by Reiner Simanjuntak