RI finally pays share of expenses in ICSID proceedings: Churchill

LSE-listed Churchill Mining Plc said that it has been informed by the International Centre for the Settlement of Investment Disputes (ICSID) that Indonesia has finally paid its share of fees and expenses in the ICSID arbitration proceedings.

?Overnight the ICSID Tribunal Secretary has advised Churchill that a wire transfer in the sum of US$200,000 had just been received from Indonesia which ICSID understands to be the payment of Indonesia?s share of the fifth advance of ICSID?s fees and expenses. The Tribunal Secretary has also advised that the sum of US$200,000 paid earlier by Churchill to address Indonesia?s default will now be refunded to Churchill,? the UK firm said in a statement Thursday.

By its letter dated April 25, 2016, the ICSID Tribunal invited Indonesia to provide an explanation for its failure to pay its share of the fifth advance payment of ICSID?s fees and expenses and to make any comments it may have on Churchill?s Rule 42 Application by COB Monday, May 9, 2016. ?Churchill is not aware that any explanation has yet been given by Indonesia for the almost two month delay in paying its share of the fifth fee advance or for its apparent disengagement from the arbitral process,? the statement said.

Churchill said the ICSID Tribunal has also advised that it has made good progress in its deliberations on Indonesia?s Forgery Dismissal Application and will revert around mid-June with an indication of when its ruling will be issued.

Churchill has reserved all rights, including (but without limitation) as to costs.

Churchill and its Australian subsidiary Planet Mining filed in 2014 a lawsuit with Washington-based 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 in East Kalimantan. The East Kutai coal project is Churchill?s only asset. The UK firm has sought for about $1.3 billion in compensation.

Editing by Reiner Simanjuntak