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Berau Files Multinational Lawsuit against Former CEO

5 March 2014 14:06 WIB

TEMPO/Eko Siswono Toyudho

TEMPO.CO, Jakarta Coal mining issuer, Berau Coal Energy (IDX: BRAU), announced yesterday that the company has expanded its lawsuit against Indonesian entrepreneur Rosan P. Roeslani. On November 2013, Berau officially filed for arbitration to the Singapore International Arbitration Centre (SIAC). The company is now expanding its legal claim to Rosan to courts in France, Luxembourg and the Cayman Island.

"For the arbitration in Singapore, we're currently waiting for Rosan's defense," said Berau CEO Raden Curt Eko Santoso Budianto, in a written statement to the Indonesia Stock Exchange (IDX) yesterday.

The case began when Berau's holding company, Bumi Plc (renamed to Asian Mineral Resources Plc.), suspected misappropriation of corporate funds worth US$173 million in 2011 and 2012. At that time, Rosan was Berau's CEO before stepping down in January 2013.

London-listed Bumi Plc (LSE: BUMI) or Asia Resources is the Indonesia-based coal mining company cofounded by Indonesia's Bakrie Group and British investor Nathaniel Rothschild. Today, Bakrie Group and Asia Resources are in the process of splitting up, following an extended dispute over alleged irregularities in good corporate governance (GCG).

According to Eko, Berau's arbitration in Singapore was filed because the company deemed Rosan as failing to pay the US$173 million in cash and assets per September 26 and December 26, 2013. The arbitral tribunal has been established and preliminary investigation has been carried out.

Eko also said the Berau has started the hearing process in a French court related to two companies--Chateau de Bonaban SAS and Chateau de la Grenerie SAS, along with the company's target to recover other losses of US$30.67 million. Eko said that Berau sees both companies are indirectly owned by Rosan through a holding company located in Luxembourg, RCapital Holding.

"We declare that the cost to acquire the two companies in France was derived from the misused funds," Eko said. The current assets value of the French two companies is estimated to be around €15 million euros. "We have received a stipulation regarding the sequestration of the shares owned by RCapital over the French companies."

After obtaining an arbitral verdict--expected to be issued in September, Eko said the company would file a lawsuit in a Luxembourg court.

Regarding the current status of the investments in Chateau Asset Management SPC, Berau has asked the Cayman Island court to issue an order to discharge the company's current directors.

Berau took control over Chateau's shares after purchasing debentures with a principal amount of US$75,000 without interest on January 26, 2010. Chateau has the right to covert the debentures into shares, which they did on January 21, 2011. A hearing is scheduled to take place in the Cayman Island this week.

As of yesterday, Rosan was unable to comment on the matter.

When the case was first brought to the public's attention last year, Rosan had said that he was committed to return Berau's assets. According to Rosan, the obligation to return the US$173 million assets was not a penalty, "but I will help to recover the US$ 173 million assets," he said at the time.

FAIZ NASHRILLAH | ANANDA PUTRI



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