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JAKARTA, INDONESIA, Oct 17, 2012 - (ACN Newswire) - British company Churchill Mining Plc published false information. In May 2008, Churchill announced the finding of 150 million metric tons of coal on its East Kutai site.
East Kutai Regency Head Isran Noor said, "Churchill published false information on the size of the estimated reserves in the concession area in order to boost its share price. I think the Alternative Investment Market of the London Stock Exchange should know about this very important issue. This is an illegal operation."
The Indonesian government has officially appointed an arbitrator to represent it in its dispute against Churchill Mining.
The case is currently being heard at the International Center for Settlement of Investment Disputes (ICSID).
"On Sunday 14 October 2012, the arbitrator approved his participation. We are appointing Michael Hwang from Singapore. The head of the tribunal is Gabriel Kaufman, while the date and timing for the opening session is awaiting the announcement of the ICSID," said Isran.
Churchill Mining is suing the government, President Susilo Bambang Yudhoyono and the East Kutai district over the revocation of its mining rights. It is seeking a $2 billion dollar compensation.
"Churchill sues the Indonesian government 2 billion USD and we think that is a blackmail," said Isran.
Isran Noor said that he would never surrender and keep on fighting to win the international legal battle. "No, we won't surrender as we are in the right position. Churchill has breached many laws and regulations in Indonesia," he said.
Hwang is a former judicial commissioner at the Supreme Court in Singapore, a former senior advisor to the court and also a former president of the Law Society of Singapore.
Isran said that Yudhoyono had officially appointed, through a decree issued on Sept. 22, the district government to deal with the Churchill lawsuit.
"The president has also tasked the Justice and Human Rights Minister, Amir Syamsudin, to take the necessary actions so that the appointment of the East Kutai district government is registered and announced by the ICSID in line with the convention, regulations and rules of the CSID," Isran said.
He aired optimism that his side would win the lawsuit, saying that mining company had improperly addressed the issue to the district government.
"The situation is not the fault of the local government - it is a business matter between Churchill and Ridlatama. Therefore, it is a mistake for Churchill to take the government of Indonesia to court, you can check it yourself at Ridlatama web home page," he said.
-- Statement issued by PowerPR Asia Pacific for the Government of Indonesia, East Kutai local government.
Contact:
Vanya Manuputty
Mobile: +62-813-80444507
Mexson Sitompul
Mobile: +62-812-8107200
PowerPR Asia Pacific, Jakarta
Tel: +62-21-2555-6781
Fax: +62-21-2555-6782
Homepage: www.powerpr.co.id
Topic: Legal Action
Source: Govt of Indonesia, East Kutai Local Govt
Sectors: Metals & Mining, Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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