14th Jan 2015 08:41
LONDON (Alliance News) - Asia Resource Minerals PLC Wednesday said it is taking the first steps to try and recover funds owed to the company following the favourable court ruling against former director Rosan Roeslani, who has not responded to any communication made by the company.
The company had been in conflict with Roeslani over cash and assets that he owed to the company. Roeslani is connected to the Bakrie Group, which Asia Resource split from in March, ending a year-long process to split up financier Nat Rothschild's former Indonesian thermal coal company Bumi PLC.
In March, the company disposed of its 29.2% interest in Bumi Resources to the Bakrie Group for USD501 million, and RACL, a company owned by Asia Resource Minerals' now former Chairman Samin Tan, bought the Bakrie Group's entire 23.8% interest in the Asia Resource Minerals for a reported USD223 million.
Tam agreed to step down as chairman of the company following the separation.
The case against Roeslani came after he raised a number of issues in February related to a previously signed agreement over the repayment of USD173 million worth of funds to Bumi, stating that any outstanding liability to transfer cash or assets had been extinguished following the separation.
The court ruled that Roeslani must pay Asia Resource the USD173 million, plus costs. The company has said Roeslani is obliged to comply with the court ruling "without delay," but says he has not responded to any communications sent by Asia Resource.
"The board deplores the fact that Mr Roeslani shows no sign of being prepared to meet his obligations under the Singapore arbitration award," said Asia Resource.
The court ruling is enforced in over 150 countries, and the company in a position to enforce the ruling against assets owned by Roselani. As Roeslani has not responded to the company's requests, it has taken the first steps in recovering funds owed to it via a series of claims around the world.
Asia Resource has registered the ruling in Singapore to enforce the decision against Roeslani's 99% stake in Recapital Investment Pte Ltd. It has also registered the claims in France and Luxembourg, where Roeslani owns two châteaux, which the company wants to sell to release the property value.
The company is also filing a claim with the US Federal Court as Asia Resource believes Roeslani owns a "substantial and valuable property in California." The last claim is in Indonesia, where the remainder of Roeslani's assets are held.
"This strategy will be pursued as vigorously but as cost effectively as possible, even though the recovery process may take many months, or longer if Mr Roeslani attempts to avoid enforcement," said the company in a statement.
Asia Resource shares were up 9% to 10.90 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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