Coal producer PT Berau Coal Energy (BRAU) Tbk has won an arbitration tribunal in Singapore against its former CEO Rosan P Roeslani.
The arbitration tribunal has issued an award confirming that Mr Roeslani is obliged to make payment under the settlement deed dated June 26, 2013 of the full sum of US$173 million, plus accrued interest and legal costs.
“The Company will seek to enforce the arbitration award by all available means against Mr Roeslani, and will update on its progress as soon as practicable in January 2015,” Berau Coal GM for corporate communications Singgih Widagdo said in a statement today.
Berau Coal, controlled by London-listed Asia Resource Minerals Plc, has been struggling to refinance its US$450 million Notes due next July.