|By ACN Newswire||
|January 15, 2013 07:36 AM EST||
"The cancelled grant deeds were Grant Deed #12 and Grant Deed #13 dated November 2007, which attempted to takeover 75 percent or 7,500 shares of Ridlatama. According to our judgement, the share takeover was against the law," head judge Ari Jiwantara said as quoted by Bisnis Indonesia.
The decision, stated within Decision Letter No.605/ Pdt.G/2011 /PN.Jkt.Sel, basically explained that the deal, mentioned within an investor agreement made by both the accused companies did not meet all the criteria of a legitimate deal as stated within Article 1320 of KUH Perdata (Civil Affair Law).
The decision was made based on a lawsuit filed by majority shareholders of Ridlatama, namely Ani Setiawan and Florita, who claimed to control all Ridlatama shares, against both Technocoal and Indonesia Coal.
Britain's Churchill Mining is a company legally incorporated in the United Kingdom and listed on the London Stock Exchange Alternative Investment Market (AIM). Churchill's investment in Indonesia is carried out through PT Indonesia Coal Development (ICD), the shares of which are owned by Churchill Mining, Plc (95%) and Planet Mining, Plc (5%).
Churchill Mining Operation is Illegal
East Kutai Regency Head Isran Noor explains, "Based on data of the Indonesian Investment Coordinating Board (BKPM) and the Ministry of Justice and Human Rights of the Republic of Indonesia, on November 23, 2005, ICD was established as a Foreign Investment Company (PMA) with authorized capital and paid-up capital of US$250,000, with the intention and purpose of engaging in Mining Services and Geology, which fall under Category 10101 KBLI - Standard Industrial Classification of Indonesia, and is not a Coal Mining Company, which falls under Category 0510 KBLI. It is clear that their operation as a Coal Mining Company is illegal."
Based on data from the Ministry of Justice and Human Rights Affairs of the Republic of Indonesia, 4 companies, referred to as Ridlatama Group, are namely:
a. PT. Ridlatama Tambang Mineral, established on August 31, 2005
b. PT. Ridlatama Trade Powerindo, established on December 14, 2006
c. PT. Investama Resources, established on September 5, 2007, and
d. PT. Investmine usa Persada, established on Septermber 5, 2007
Ridlatama Group and Churchill entered into a cooperation as elaborated in the Investment Agreement in 2007. The cooperation was made by PT. Indonesia Coal Development, PT. Techno Coal Utama Prima, PT. Ridlatama Steel, PT. Ridlatama Power, PT. Ridlatama Mineral Mine, PT. Trade Ridlatama Powerindo, Ani Setiawan, and Florita. Under the Investment Agreement, Churchill will have the rights and interests over Ridlatama Group and in accordance with the Indonesia law, Churchill is allowed through ICD to own and control 75% (seventy five percent) shares in Ridlatama Group, and this has to be immediately executed by shareholders of Ridlatama Group.
This suggests that Churchill HAD KNOWN with certainty that Churchill and ICD CAN NOT have a stake in Ridlatama Group under the provisions of the applicable law in Indonesia.
To make it clearer, the content of the Article 3.2 Investment Agreement is cited as follows: "As for the 75% of the shares of TCUP (PT. Techno Coal Utama Prima), if there is a change in the laws of the Republic of Indonesia which allows ICD to hold shareholding in the KP Holders, all of the KP Holders shall provide all necessary assistance, including without limitation, executing any documents required to ensure that such shares are transferred to ICD."
If the Investment Agreement 2007 was legitimate and complied with the provisions of the laws, quod non, Churchill had annuled the Investment Agreement in 2007 following the signing of the Cancellation and Waiver Agreement dated January 27, 2011, aiming at annuling the Investment Agreement 2007.
Similar agreement with the Investment Agreement 2007 also took place on March 31, 2008 between PT. Indonesia Coal Development, PT. Techno Coal Development, PT. Techno Coal Utama Prima, PT. Investmine Nusa Persada, PT. Investama Resources, Ani Setiawan, and Florita. The provisions were the same with the Investment Agreement 2007.
"Based on the detailed explanation we can understand that Churchill Mining has fully understood with certainty that Churchill and ICD can not have a stake in Ridlatama Group under the provisions of the applicable laws in Indonesia," said Isran.
Based on the official information from Ridlatama website
In 2007 the Ridlatama Group entered into a partnership with Churchill Mining PLC and its subsidiaries to develop the East Kutai Coal Project in Indonesia. Exploration over the years confirmed a word class asset of 2.7 billion tons of coal. Unfortunately in 2010 a challenge to the ownership of the concession was filed at the Samarinda district courts.
The Ridlatama Group has vigorously defended their rights to the concessions and has tried to work closely with Churchill. In August of 2011 Churchill decided to sue the Ridlatama Group in various countries. That has left the Ridlatama Group with no choice but to defend itself and its rights.
Churchill has made statements on their web site and in the international press claiming to own 75% of the 4 main concessions making up the East Kutai Coal Project. By way of the Deed of termination and release dated January 27 2011 (as attached) and the failure of PT Indonesia Coal Development to comply with their obligations, the Ridlatama Group still owns 100% of all rights and interest in respect of the mining licenses in the East Kutai Coal Project. Churchill has published Reports that contain false and defamatory allegations that are obviously directed at the Ridlatama Group and amount to a very serious libel.
The 2007 Investor Agreement has been terminated
By way of the Deed of Termination and Release dated January 27 2011 and the failure of PT Indonesia Coal Development to comply with their obligations the Ridlatama Group still owns 100% of all rights and interest in respect of the mining licenses in the East Kutai Coal Project. The 2007 Investor Agreement has been terminated.
The 2008 Investor Agreement has never been fulfilled and thus is no longer valid
By way of the Deed of Termination and Release dated January 27 2011 and the failure of PT Indonesia Coal Development to comply with their obligations the Ridlatama Group still owns 100% of all rights and interest in respect of the mining licenses in the East Kutai Coal Project. The 2008 Investor Agreement has never been fulfilled and thus is no longer valid.
Breach of Confidentiality lawsuit
At 7 December 2011 All of the agreements signed with Churchill have explicit Confidentiality clauses which remain in effect even after the agreement is terminated. Churchill's PR machine is consistently breaking these confidentiality clauses as they attempt to try this case in the Court of Public opinion.
Removal of Churchill Legal team in the Supreme Court lawsuit
Churchill's legal team have lost at both the district court and the administrative court and in the circumstances the Ridlatama Group have lost confidence in Churchill's legal team moving forward in particular representing their interests in the appeal before the Supreme Court. Further, as Churchill have decided to sue the Ridlatama Group in various jurisdictions after being privy to confidential information attained during the currency of these Indonesian proceedings, the Ridlatama Group in our best interests. In the circumstances, at 15 November 2011 the Ridlatama Group have revoked Churchill's legal team's power of attorney to represent our 4 companies at the supreme court, and replaced them with Ridlatama's legal team.
Tangerang Court Ruling : PT Indonesia Coal Development's Claim Against Andreas Rinaldi Has Been Rejected
In relation to the claim filed by PT Indonesia Coal Development (case number 376/PDT.G/2011/PN.TG) against Andreas Rinaldi, The Tangerang High Court has ruled on 9 February 2012 that:
1. PT Indonesia Coal Development's claim is hereby rejected
2. The respondent is to pay a case fee of IDR 260,000 (30 USD)
Isran said, "The Alternative Investment Market of the London Stock Exchange should know about this very important issue. It is clear that Churchill Mining's operation as a Coal Mining Company is illegal."
-- Statement issued by PowerPR Asia Pacific for the Government of Indonesia, East Kutai local government.
PowerPR Asia Pacific, Jakarta
Source: Govt of Indonesia, East Kutai Local Govt
Copyright 2013 ACN Newswire. All rights reserved.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 10, 2016 01:30 AM EST Reads: 745
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 10, 2016 01:00 AM EST Reads: 1,257
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 11:30 PM EST Reads: 1,150
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Dec. 9, 2016 10:45 PM EST Reads: 536
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Dec. 9, 2016 10:00 PM EST Reads: 311
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 09:30 PM EST Reads: 1,284
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 9, 2016 08:00 PM EST Reads: 1,025
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Dec. 9, 2016 06:45 PM EST Reads: 5,149
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 9, 2016 06:15 PM EST Reads: 1,767
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 9, 2016 05:30 PM EST Reads: 2,375
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 9, 2016 05:15 PM EST Reads: 1,473
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 9, 2016 05:15 PM EST Reads: 1,893
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 9, 2016 04:45 PM EST Reads: 1,322
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 9, 2016 04:45 PM EST Reads: 1,871
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 03:30 PM EST Reads: 1,248
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 9, 2016 03:15 PM EST Reads: 995
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 03:15 PM EST Reads: 883
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 9, 2016 02:45 PM EST Reads: 661
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 9, 2016 02:45 PM EST Reads: 1,053
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 9, 2016 02:15 PM EST Reads: 1,790