Conflict between PT Berau
Coal Energy Tbk (BRAU) with former President Director of BRAU, Rosan Perkasa
Roeslani, becomes more exciting and full of twists. The dispute began when
Rosan Roeslani was accused of embezzling approximately USD 173 millions of fund
while serving as President Director of PT Berau Coal Energy, Tbk. Some of these
funds were placed in Chateu Asset Management.
This problem began when Roslan intended to pay
compensation in the form of cash and assets in the form of 49% stock of Asian
Bulk Logistics (ABL) and 600 hectares of land owned by PT Borneo Prapatan
Lestari. Meanwhile, Asia Resources did not acknowledge the appraisal of KPMG
Corporate Finance Pte Ltd on ABL because Rosan unilaterally appointed KPMG.
While, the total compensation is USD 173 million in cash and assets. Apparently,
Rosan did not pay until December 26, 2013. The situation is exacerbated because
Rosan was also delinquent in initial repayment (recovery agreement) of
approximately USD 30 million.
BRAU was preparing to submit to submit formal charges
(formal statement of claim) to Rosan in order to fulfill the obligation to
repay funds worth USD 173 million, a compensation for financial irregularities
that occurred during his tenure as President Director of BRAU. The charges will
also expand the scope of payment liability that must be met by Rosan.
On 8 November 2013, BRAU and its parent company, Asia
Resources Minerals Plc (ARM), formerly Bumi Plc, has sent a notice of
arbitration through the Singapore International Arbitration Centre (SIAC). The
arbitration material at that time only includes Rosan’s obligation to meet the
initial payment worth USD 30 million to BRAU. Because Rosan has failed to meet
the initial payment due on 26 September 2013.
But, Rosan proposed a new argument which claims that the
obligation has been extinguished. “Therefore, the arbitration process will be
expanded to cover all payment obligations of RR (Rosan Roeslani) worth USD 173
million. Now, the lawsuit continues when Rosan did not fulfill the agreement
and obligations. Raden Curt Eko Santoso Budianto as President Director of PT
Berau Coal Energy Tbk (BRAU) said that BRAU and Asia Resources have filed
formal charges and form an arbitration team according to the rules of the
Singapore International Arbitration Centre (SIAC) on December 24, 2013.
Furthermore, Asia Resources will not make any the transfer of shares of PT
Asian Bulk Logistics (ABL). “The main position of the company (Asia Resources)
is that Rosan must make full payment in cash,” said Raden Curt.
Now the management of PT Berau coal Energy Tbk (BRAU) and
Asia Resources Minerals Plc filed a formal claim to the former President
Director of PT Berau Coal Energy Tbk, Rosan Roeslani, on January 20 2014.
President Director of PT Berau Coal Energy Tbk, Raden Curt Eko Santoso Budianto
said that Rosan Roeslani has failed to transfer USD 173 millions of cash. Rosan
was supposed to repay the funds in accordance with the recovery agreement on
June 26, 2013. Until maturity date, the USD 173 million funds have not been
paid by Rosan.
The formation of the arbital tribunal has been conducted
in accordance with the regulations applicable in the Singapore International
Arbitration Center (SIAC) on December 24, 2013. The Company does not want to do transfer of shares from PT Asian
Bulk Logistics. “Rosan Roeslani must make full payment in cash,” Eko said in an
information disclosure to the Indonesia Stock Exchange (IDX), Tuesday (March
4).
The company stated that KPMG is not as independent
appraiser. Considering that Rosan has appointed KPMG unilaterally. In fact, the
appointment of an independent appraiser should be done jointly in accordance
with the terms contained in the recovery agreement. “We are currently waiting
for Rosan’s plea,” said Eko.
In addition, regarding the restoration of the remaining
loss of USD30.67 million, the company and Asia Resources Mineral have initiated
proceedings in France related to Chateau de Bonaban SAS and Chateau de Ia
Grenerie SAS. The two French companies are indirectly owned by Rosan Roeslani.
Rosan owned the companies through a holding company based in Luxembourg, RCapital
holding, which later is the primary beneficiary of every French company sued by
the Company. “The cost to acquire the French companies have assets of
approximately 15 million euros,” said Eko.
The Company has received a ruling on sequestration of
shares held by RCapital in the French companies. The company is currently
looking for other ways to obtain a remedy for the remaining loss. But at the same time, a subsidiary of
PT Berau Coal has filed a petition for the dissolution of Chateau.
PT Berau Coal, as a shareholders who has investments in
Chateau asks the court in Cayman to dismiss the incumbent directors and appoint
a new director as a substitute. The arbitration ruling is expected to be issued
in September 2014. “This is done to conduct an investigation into the status of
the investment and whether there is still a remaining value of investment that
can be recovered,” said Eko. (E)
Business New - March 7, 2014
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