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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
 The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the Churchill claims for damages arising out of the revocation of the mining licenses that made up the East Kutai Coal Project in East Kalimantan (“EKCP”) Indonesia.
According to Churchill, the Tribunal’s decision has included the following findings:-
(1) Thirty four (34) disputed documents were held to be not authentic;
(2) The forger of the disputed documents was most likely a person or persons acting for or on behalf of Churchill’ s Indonesian partner the Ridlatama group in collusion with a person inside the East Kutai Regency;
(3) There was no finding that Churchill or its officers were involved in any forgery;
(4) Churchill’s due diligence investigations conducted at the time of acquiring the East Kutai Coal licenses were insufficient ;
(5) The claims brought by Churchill in this arbitration are dismissed; and
(6) Churchill is ordered to pay a total of USD 9,446,528 in costs and arbitration tribunal fees.
According to media reports, Churchill's 100%-owned Australian subsidiary Planet Mining Pty, which via its 5% shareholding in PT Indonesia Coal Development also held an interest in the East Kutai Coal Project, has also filed for arbitration at ICSID.
In February 2014, the ICSID ruled in Churchill’s favour, enabling it to pursue the claim for damages against the Indonesian government.
According to the document posted on company's website, the Churchill Chairman David Quinlivan said “ We are obviously extremely disappointed by the Tribunal’s decision and the fact that the Tribunal drew no adverse inferences against Indonesia following the refusal by Mr. Isran Noor to attend the August 2015 hearing so that he could be cross-examined and the refusals by Indonesia to provide documents that the Tribunal itself considered prima facie relevant. While we are still reviewing the reasons, the Tribunal appears to have accepted that Mr. Noor was deceived into signing the exploitation licenses despite his non-appearance and his witness statement having been struck from the record. Indonesia has always conceded that the EKCP exploitation licenses were validly issued and signed and it is difficult to understand how the Tribunal found otherwise on the evidence available."
According to Churchill, the ICSID process allows Churchill to request annulment of the award by an application in writing addressed to the Secretary-General on the following grounds:
(i) that the Tribunal was not properly constituted;
(ii) that the Tribunal has manifestly exceeded its powers;
(iii) that there has been a serious departure from a fundamental rule of procedure; or
(iv) that the award has failed to state the reasons on which it is based.
Churchill believes there are grounds to annul this award and is working with its lawyers Clifford Chance LLP to determine which of the above grounds may be available.
As part of that application, Churchill would seek a stay of the costs orders that have been made. As referred to above, Churchill has been ordered to pay a total of USD 9, 446,528 in costs and arbitration tribunal fees and accordingly the suspension in trading of the Company’s shares on AIM will remain in place pending clarification of the Company’s financial position.
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Thursday, 30 March 17
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Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
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Showing 2086 to 2090 news of total 6871 |
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- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
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- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
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- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
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- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
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- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
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- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
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- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
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- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
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- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
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- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
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- Australian Coal Association
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- White Energy Company Limited
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- Singapore Mercantile Exchange
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