14th Aug 2015 08:35
LONDON (Alliance News) - Churchill Mining PLC said Friday that the Singapore hearing in its ongoing legal dispute with the Republic of Indonesia government has been completed, although it said a decision is unlikely to be handed down for "some months".
The company is currently in dispute with Indonesia about getting compensation for the revocation of mining licenses relating to the East Kutai coal project in East Kalimantan, in which it has a 75% interest.
The government had claimed that Churchill had obtained the licenses through document forgery, but in June withdrew the forgery claim. The Singapore hearing was over Indonesia's application for the arbitration case to be dismissed on the grounds of document authenticity.
Isran Noor, a witness in the case and who recently resigned as Regent of East Kutai, declined to attend the hearing and as a result his statement was struck out and disregarded.
"We are pleased that the hearing of Indonesia's dismissal application has now been completed save for the presentation of post-hearing briefs by both sides. Overall, the hearing was a useful exercise but it is disappointing that Mr Noor, one of Indonesia's key witnesses, chose not to attend the hearing, as we had a number of questions we wished to put to him," said Churchill Chairman David Quinlivan in a statement.
"We look forward to having this aspect of the case decided so we can move ahead with having our merits claims determined," Quinlivan added.
There is no fixed date for the International Centre for Settlement of Investment Disputes tribunal to deliver its decision on Indonesia's dismissal application, but Churchill said the decision is unlikely to be handed down for "some months".
Shares in Churchill were down 16% at 32.01 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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