White Energy updates E. Kalimantan coal upgrading project
Friday, July 31 2015 - 11:24 AM 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 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?).
As previously advised to shareholders, the Suit has now been transferred to the newly established Singapore International Commercial Court (?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. At the most recent case management conference (?CMC?) on 15 July 2015 before Sir Vivian Ramsey, Mr Anselmo Reyes and Justice Quentin Loh, the Court has directed that the Suit be heard in two tranches, with the first tranche of the trial to commence later this year, being from 16 November to 4 December 2015.
Australian Proceedings ? Freeze Order
The Company refers to its previous announcements in relation to the freezing orders made by the Supreme Court of Western Australia (?Supreme Court?) on 5 April 2012 in favour of BCBCS in respect of Bayan?s 56% shareholding in Kangaroo Resources Limited (?KRL?), a publicly listed Australian company (?freezing orders?).
The Company has previously advised the market that Bayan applied for special leave to appeal to the High Court of Australia from the orders made by the Court of Appeal of Western Australia. Bayan?s appeal is limited to a challenge to the Supreme Court?s jurisdiction to make these orders. Bayan is not appealing the Supreme Court?s findings that BCBCS had established the elements necessary to obtain a freezing order, including that BCBCS had established that it had a good arguable case:
? in respect of its claims against Bayan for breach of the Joint Venture Deed; and
? to recover damages in respect of at least its lost investment in the KSC Joint Venture.
Bayan?s application for special leave to appeal to the High Court of Australia was heard and granted on 13 March 2015. The High Court will hear the appeal in August 2015. The freezing orders against Bayan will remain in place unless and until a further order is made. (end of excerpt)