JAKARTA - PT Bayan Resources Tbk (BYAN) won the case over the closure of PT Kaltim Supacoal (KSC), a joint venture subsidiary with BCBC Singapore.

Jenny Quantero, Director of PT Bayan Resources Tbk (BYAN) said that the Singapore Court of Appeal (SCA) had rejected the appeal submitted by BCBC. "SCA conveyed that the company reserves the right to dissolve KSC when it fails to fulfill its payment obligations under the shareholder agreement it has with the company," she said.

According to her, SCA said that BCBC could not receive returns on the investment it had made in KSC. On the other hand, SCA is of the opinion that the company violated its coal supply obligations under the joint venture agreement. But BCBC does not bear significant losses.

"As a consequence, BCBC was given compensation with a value of only US$ 1,000," she said.

She conveyed SCA's decision to end the lawsuit with BCBC which had been going on since 2012. "Currently, the company is filing claims for costs and losses against BCBC in Singapore and Australia," she said. (LK/LM)