Singapore and Indonesia signed an agreement to promote and protect investments, with the treaty promising Singapore companies operating in Indonesia protection and access to international arbitration in the event of investment disputes.
Churchill Mining has confirmed that the stay on enforcement of the East Kutai Coal Project Award will continue pending a decision on the Annulment Application.
Churchill filed an annulment application after an ICSID Tribunal granted Indonesia’s application to dismiss the company’s claims for damages following the revocation of mining licences.
Churchill Mining says it continues to pursue its $1.315bn claim against the Republic of Indonesia in relation to the revocation of its licenses at the East Kutai Coal Project.
The tribunal considered all claims inadmissible, ordering the claimants to bear all arbitration costs and to reimburse 75 per cent of Indonesia’s legal expenses.