Indonesia wins $469 mln arbitration case against Indian metal firm

Indian Metals And Ferro Alloys

01/04/2019 11:44

JAKARTA, April 1 (Reuters) - 
    * Indonesia has won a $469 million arbitration case against
Indian
Metal Ferro and Alloys Ltd (IMFA)  IMFA.NS  after nearly four
years of court battles, the country's attorney general Muhammad
Prasetyo told a news conference on Monday.
    * An arbitration court in The Hague, Netherlands, ruled in
favour
of Indonesia in the case, according to a notification the
government received last week, said Prasetyo.
    * IMFA officials were not immediately available for comment.
    * IMFA filed a claim to the court in 2015, alleging that
overlapping mining permits issued by authorities have disrupted
its operation in Kalimantan, the Indonesian side of Borneo
island.
    * This is a second court victory announced by the Indonesian
government in recent weeks, after the International Centre for
Settlement of Investment Disputes, a U.S. arbitration tribunal,
dismissed an effort by Churchill Mining PLC  CHLC.ISD  to revive
a $1.3 billion claim against Jakarta over cancelled coal mining
rights, also in Kalimantan.
    * Churchill Mining was "extremely disappointed", its
chairman of
directors David Quinlivan said in a statement on March 19.


 (Reporting by Maikel Jefriando; Writing by Gayatri Suroyo;
Editing by Jan Harvey)
 ((gayatri.suroyo@thomsonreuters.com; +622129927609; Reuters
Messaging: gayatri.suroyo.thomsonreuters.com@reuters.net))