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Indonesia wins $469 mn arbitration case against Indian metal firm IMFA
Reuters | Jakarta | Last Updated at April 01 2019 17:11 IST
IMFA loses arbitration case with Indonesia.
Indonesia has won a $469 million arbitration case against India’s Metal Ferro and Alloys Ltd (IMFA) after nearly four years of court battles, the country's attorney general Muhammad Prasetyo told a news conference on Monday.
An arbitration court in The Hague, Netherlands, ruled in favour of Indonesia in the case, according to a notification the government received last week, said Prasetyo. IMFA officials were not immediately available for comment.
IMFA filed a claim to the court in 2015, alleging that overlapping mining permits issued by authorities have disrupted its operation in Kalimantan, the Indonesian side of Borneo island.
This is a second court victory announced by the Indonesian government in recent weeks, after the International Centre for Settlement of Investment Disputes, a U.S. arbitration tribunal, dismissed an effort by Churchill Mining PLC to revive a $1.3 billion claim against Jakarta over cancelled coal mining rights, also in Kalimantan.
Churchill Mining was "extremely disappointed", its chairman of directors David Quinlivan said in a statement on March 19.
https://wap.business-standard.com/a...st-indian-metal-firm-imfa-119040100714_1.html
Reuters | Jakarta | Last Updated at April 01 2019 17:11 IST
IMFA loses arbitration case with Indonesia.
Indonesia has won a $469 million arbitration case against India’s Metal Ferro and Alloys Ltd (IMFA) after nearly four years of court battles, the country's attorney general Muhammad Prasetyo told a news conference on Monday.
An arbitration court in The Hague, Netherlands, ruled in favour of Indonesia in the case, according to a notification the government received last week, said Prasetyo. IMFA officials were not immediately available for comment.
IMFA filed a claim to the court in 2015, alleging that overlapping mining permits issued by authorities have disrupted its operation in Kalimantan, the Indonesian side of Borneo island.
This is a second court victory announced by the Indonesian government in recent weeks, after the International Centre for Settlement of Investment Disputes, a U.S. arbitration tribunal, dismissed an effort by Churchill Mining PLC to revive a $1.3 billion claim against Jakarta over cancelled coal mining rights, also in Kalimantan.
Churchill Mining was "extremely disappointed", its chairman of directors David Quinlivan said in a statement on March 19.
https://wap.business-standard.com/a...st-indian-metal-firm-imfa-119040100714_1.html
