NB: The Bayan JV is bankrupt. WEC notified on 28th December 2011...

NB: The Bayan JV is bankrupt. WEC notified on 28th December 2011 that it would be taking legal action against Bayan in the Singapore High Court - the court case continues despite the bankruptcy of the KSC Joint Venture on 1st October 2012. The action finally reached SICC in Singapore in 2015 after going through a number of courts in Australia. 9 years and 5 months has now passed since the legal action was first announced.

The proceedings relate to White Energy’s 51% owned Indonesian subsidiary company, PT Kaltim Supacoal (“KSC”), which is 49% owned by Bayan.
PT Kaltim Supacoal (“KSC”) – WEC 51%
IN THE SINGAPORE INTERNATIONAL COMMERCIAL COURT OF THE REPUBLIC OF SINGAPORE.
JUDGMENT - 25th July 2017.
BCBC Singapore Pte Ltd and another v PT Bayan Resources TBK and another
Http://www.sicc.gov.sg/HearingsJudgments.aspx?id=72
Http://www.sicc.gov.sg/documents/judgments/2017_SGHC(I)_06.pd
Https://www.scribd.com/document/471140248/pt-bayan-resources-tbk-anor-v-bcbc-singapore-pte-ltd-anor-9f6e8659-570d-43a5-b222-294cb5cafb40-eff3eaa7-b6ab-4647-9578-46694eb45c36

The White Energy Group had invested over US$110 million in the Tabang project in Indonesia up until 2012 when BR repudiated the joint venture. Substantial legal costs have also been incurred in relation to the proceedings to recover damages from Bayan.

***** White Energy is waiting for a decision on the award at Tranche 3 by Singapore: International Arbitration Commission. Oral and written responses have now been made on 9 January 2021. A decision regarding an award is awaited.

Latest Singapore Court Decisions: Https://www.singaporelawwatch.sg/Judgments/High-Court/PgrID/401/PageID/1/pager/366?page=112