White Energy updates E. Kalimantan coal upgrading project
Thursday, April 30 2015 - 03:29 PM WIB
PT Kaltim Supacoal (KSC) ?WEC 51%
Update on Legal Dispute
Singapore Proceedings
Further to previous updates provided to shareholders, the Company wishes to advise that preparations continue in connection with the legal proceedings initiated in late 2011 by BCBC Singapore Pte Ltd (?BCBCS?) and Binderless Coal Briquetting Company Pty Limited, indirect wholly owned subsidiaries of White Energy, against PT Bayan Resources Tbk (?Bayan?) and Bayan International Pte Ltd, over matters relating to the Tabang coal upgrading plant, located at Bayan?s Tabang mine in East Kalimantan, Indonesia (the ?Suit?).
At a pre-trial conference in late 2014, the Singapore High Court asked the parties for their views on whether the Suit was suitable for transfer to the newly established Singapore International Commercial Court (?SICC?). After having heard the parties? submissions, the Singapore High Court transferred the Suit to the SICC. The SICC is a division of the Singapore High Court and part of the Supreme Court of Singapore which has been established to deal with international commercial disputes. The parties have attended the first case management conference (?CMC?) on 27 March 2015 before Justice Quentin Loh, during which the parties were informed that the Suit would be heard before a panel of three SICC judges, comprising Sir Vivian Ramsey, Mr Anselmo Reyes and Justice Loh. A further CMC is scheduled to be held on 11 May 2015 during which it is expected that the parties will receive directions as to the expected trial dates.
Status of Tabang
Operations As previously advised to shareholders, KSC has been placed into bankruptcy and Curators have been appointed to manage this process. The Curators have advised that a distribution list for the first phase of distribution of KSC?s bankruptcy assets has been approved by the Supervisory Judge in Indonesia. According to the list, all registered secured creditors (being the tax office and employee severance payments) will receive the full amount of their claims, while registered unsecured creditors (excluding shareholders) will receive approximately 14% of their claims. (end of excerpt)