Court to hold second hearing on WEC, Bayan dispute early 2017
Wednesday, October 19 2016 - 01:55 AM WIB
ASX-listed White Energy Company Limited (WEC) said that the second tranche of legal proceedings to settle dispute with IDX-listed coal miner PT Bayan Resources Tbk is scheduled to be heard by the Singapore International Commercial Court (SICC) in early 2017.
?White Energy continues to fund the legal costs relating to these ongoing proceedings, although the quantum of these future costs cannot be reliably estimated,? the company said in an annual report seen on Wednesday.
The court released in April its judgement in relation to the first tranche of the trial among others dismissing the counterclaims brought by Bayan.
WEC subsidiaries BCBC Singapore Pte Ltd (BCBCS) and Binderless Coal Briquetting Company Pty Limited filed a lawsuit against PT Bayan Resources Tbk (BR) and Bayan International Pte Ltd in connection with the PT Kaltim Supracoal (KSC) joint venture, 51 percent owned by WEC.
?As a result of the SICC dismissing Bayan?s counterclaim against BCBCS and BCBC in April 2016, there are no longer any claims outstanding against the White Energy Group from these proceedings . However, if BCBCS were to be unsuccessful in the future proceedings, the group may be liable for costs should the court ultimately decide to award costs against BCBCS and BCBC,? WEC said in the statement.
The proceedings relate to various disputed matters arising from a company which was jointly owned by BCBCS and Bayan, which owned and operated the Tabang coal upgrade plant located at Bayan?s Tabang mine in East Kalimantan.
Editing by Reiner Simanjuntak