Magnus issues notice of intent to resolve investment dispute
Thursday, June 27 2013 - 01:34 AM WIB
SGX-listed Magnus Energy Group Ltd said in a statement Wednesday that the company and its subsidiaries APAC Coal Ltd and Antig Investments Pte Ltd have issued a Notice of Intent to Resolve Investment Dispute to the Government of the Republic of Indonesia on June 25, 2013.
This additional action is taken by the group to seek recourse under the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Indonesia on the Promotion and Protection of Investments, and the Agreement between the Government of Australia and the Government of the Republic of Indonesia concerning the Promotion and Protection of Investments, the statement said.
As have been announced on 4 July 2011 and 8 February 2013, the company and its wholly-owned subsidiary Antig have on 29 June 2011 initiated arbitration proceedings against Tjong Very Sumito, Iman Haryanto, and Herman Aries Tintowo for various breaches of the Shares Sale and Purchase Agreement dated 23 November 2004 regarding the purchase of 72 percent of the issued capital of PT Deefu Chemical Indonesia, a subsidiary of ASX-listed APAC, which holds a coal concession in Pasir Regency, East Kalimantan.
Magnus recently stated that it has received a fix date for the arbitration hearing by the Tribunal to commence on 14 October 2013.
Editing by Reiner Simanjuntak