Singapore court confirms Dianlia?s ownership on Adaro

IDX-listed coal mining firm and PT Adaro Energy Tbk announced on Tuesday that the Singapore Court of Appeal has made its final and binding decision in regards to the court case of Beckkett versus Deutsche Bank as First Defendant and Dianlia as Second Defendant.

The Singapore Court of Appeal found in favor of Dianlia and found its 2001 purchase of the pledged shares in PT Adaro Indonesia and PT Indonesia Bulk Terminal (IBT), by private treaty, was lawful.

President Director Garibaldi Thohir said, ?We are pleased this matter has been finally resolved and the court has found in favor of Dianlia, so there are no concerns about retaining our existing shareholding in Adaro Indonesia and IBT. As before, Adaro Energy continues with its growth plans and to implement its business model of further integration.?

Today Dianlia holds a 5.84% interest in Adaro Indonesia and 8.93% interest in IBT.

The decision is rendered as a result of an appeal by Beckkett of a previous decision ade by the Singapore High Court which also found in favour of Dianlia.

Dianlia is now confirmed to be the rightful owner of the shares in Adaro Indonesia nd IBT.

The court also ordered Beckkett to pay Dianlia all associated legal costs. (alex)