Merdeka Copper Gold sued J Resources Nusantara in Singaporean arbitration
JAKARTA - PT Pani Bersama Tambang (PBT), a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), sued PT J Resources Nusantara (JRN) regarding the implementation of condition shares sales and purchase agreement (CSPA) which was signed on November 25, 2019. This was conveyed by Gavin Arnold Caudle, Director of PT Merdeka Copper Gold Tbk (MDKA), in the information disclosure quoted on Thursday (4/2).
Mr Caudle conveyed that PBT asked the Singapore International Arbitration Center (SIAC) for JRN to pay losses in the range of US$ 500 million to US$ 600 million. "PBT assessed that JRN had failed to fulfill its obligations to meet the aforementioned requirements needed for the completion of CSPA," he said.
According to Mr Caudle, PBT had received a response document to the notice of arbitration from JRN yesterday (1/2). As it is known, the case between the two companies was recorded in SIAC case No. ARB0012/21/ARK. (LK/AC)