Pukuafu threatens lawsuit against Newmont, Sumitomo
Monday, January 17 2011 - 02:03 AM WIB
Local mining company PT Pukuafu Indah, a shareholder at PT Newmont Nusatenggara (NNT), has thratened to file legal proceedings against other major shareholders Newmont Indonesia Limited and Sumitomo?s subsidiary Nusa Tenggara Mining Corporation.
"We sent a letter containing the lawsuit threat on Jan. 11. We gave them seven weeks to respond to the letter," the firm's lawyer Johny Bakar said in a statement on Sunday.
Johnny said the firm has submitted to the South Jakarta District Court a letter of gurantee from an international bank to provide $1.7 billion funds for the purchase of 31 percent stake in NNT.
NNT?s current major shareholders are Newmont Indonesia Limited (31.5 percent); Sumitomo?s subsidiary Nusa Tenggara Mining Corporation (24.5 percent), domestic mining firm PT Pukuafu Indah (17.8 percent), PT Multi Daerah Bersaing (24 percent) and PT Indonesia Masbaga Investama (2.2 percent). (*)