HomeNewsVideos

BCBC Singapore to pay BYAN SGD 4.69 million

20 December 2022 12:56

JAKARTA – Singapore International Commercial Court (SICC) has ordered BCBC Singapore Pte Ltd to pay PT Bayan Resources Tbk (BYAN) SGD 4.69 million regarding the PT Kaltim Supacoal (KSC) case. KSC is known as a joint venture established by BCBC and BYAN in the Tabang coal mines.

Jenny Quantero, Corporate Secretary of Bayan Resources, claimed that SICC has read out the decision for BCBC Singapore to pay the principal and the interest of 5.33% per annum, starting yesterday (19/12). “The principal and interest payment should be distributed until it has been completely paid off.” she added in the information disclosure quoted Tuesday (20/12).

SICC refuses BCBC Singapore’s claims regarding wasted expenditure and loss of chance to expand its latest Tabang coal refinery plant to handle 3 million tons of coals per year.

On the other hand, SICC also believed that BYAN has every right to liquidate KSC, preventing BCBC to regain its investments.

This Singapore court then denied the loss of chance claim, because it is not mandatory for BYAN to increase the Tabang Steam-engine Power Plant (PLTU) production capacity to 3 metric tons per annum (MTPA). (LK/ZH)

© 2024 - IDN Financials - All Rights Reserved.