South Jakarta Court revokes Deefu Chemical claims on BSS
Tuesday, July 30 2013 - 06:34 AM WIB
The South Jakarta Court of First Instance on June 26, 2013 issued decisions that revoked the lawsuits of PT Deefu Chemical Indonesia, together with Jake Pison Hawila, on ownership of the shares of PT Batubara Selaras Sapta (BSS), according to an announcement made by the respondents? lawyers in the Kompas daily on Tuesday.
The verdict is legally binding since there was no appeal effort from the plaintiff, the lawyers said.
BSS is a third generation Coal Contract of Work (PKP2B) holder with concession in Pasir regency, East Kalimantan.
In 2004, SGX-listed Magnus Energy Group Ltd announced that its wholly-owned subsidiary, Antig Investments Pte Ltd, has signed a conditional sale and purchase agreement in relation to the acquisition of a 72% interest in Deefu Chemical in a bid to acquire shares in BSS.
In June 2011, Antig Investments also has initiated arbitration proceedings in Singapore on the similar case. The arbitration hearing by the Tribunal is scheduled to commence on October 14, 2013. (*)