Churchill Mining still in the dark over Indonesia disengagement

5th May 2016 15:32

(ShareCast News) - Churchill Mining was still in the dark as to a the recent disengagement by Indonesia in ongoing arbitration on Thursday, though it was pleased the International Centre for the Settlement of Investment Disputes had received Indonesia's share of the fifth advance payment - albeit significantly late.The AIM-traded company had initially announced the default by Indonesia on 13 April, and on 20 April it revealed it had not received confirmation from Indonesia that it was participating in arbitration.Overnight, the ICSID tribunal secretary advised Churchill that a $0.2m wire transfer had been received from Indonesia, which it understood to be the payment of its share of the fifth advance of ICSID's fees and expenses.The secretary also advised that the $0.2m paid earlier by Churchill to address Indonesia's default will now be refunded.In a letter dated 25 April, the ICSID tribunal invited Indonesia to explain its failure to pay its share and to make any comments it may have by 9 May.The company confirmed on Thursday that it was not aware that any explanation had yet been given by Indonesia for the almost two month delay in paying the fee advance, or for its disengagement in the arbitral process.Churchill was advised by the ICSID Tribunal that good progress had been made in its deliberations on Indonesia's Forgery Dismissal Application, and will revert around mid-June with an indication of when its ruling will be issued."We are pleased that the issuing of the ruling on Indonesia's Forgery Dismissal Application is close," said Churchill chairman David Quinlivan."Obviously it is also pleasing that, albeit belatedly, Indonesia has paid its share of the fifth advance on the tribunal's fees. We still do not understand why Indonesia defaulted but we trust an explanation will be provided."