LONDON (Yosefardi) – Bumi Plc noted that Rosan Roeslani has raised a number of issues as to the nature of his obligations under the Roeslani agreement, as a result of which he denies that he is in breach of those obligations and asserts that any outstanding liability to transfer any cash or assets under the Roeslani Agreement has been extinguished.
Bumi Plc and Rosan Roeslani, the former President Director of Berau, had on 26 June 2013 made an agreement providing Roeslani to transfer, or procure the transfer, to Berau of assets and cash with a value equal to US$173 million.
Bumi Plc has now been able to review and obtain legal advice in relation to those issues. The board of the company considers that the arguments raised by Roeslani are of little merit and has concluded that Roeslani does not intend to make any payments or meet any of his obligations under the Roeslani agreement by the deadline of 26 December 2013.
Bumi Plc is determined to enforce its rights under the Roeslani agreement and to seek to compel Roeslani to make full payment of $173m in accordance with the obligations which he agreed, in cash and/or assets. It will therefore now enforce its rights through arbitration in Singapore in accordance with the terms of the Roeslani agreement.