White Energy updates E. Kalimantan coal upgrading project
Friday, October 30 2015 - 10:12 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. The Suit will be heard in two tranches, with the first tranche of the trial to be heard 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 refers to its announcement on 24 October 2014 advising the market that Bayan had served on BCBCS a notice of Bayan?s intention to appeal to the High Court of Australia from the orders made by the Court of Appeal of Western Australia, dismissing the challenge by Bayan to the grant and scope of the freezing orders.
Bayan?s appeal was heard before the Full Court of the High Court of Australia in August 2015.
On 14 October 2015, the High Court of Australia unanimously dismissed Bayan?s appeal. An order has been made that Bayan pay BCBCS? costs of the appeal. The freezing orders will remain in place unless and until there is a further order made by the Supreme Court. The Company expects that the freezing orders will remain in place until after the conclusion of the proceedings against Bayan in the SICC. (end of excerpt)