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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, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
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