Lost Arbitration in Singapore, Samin Tan Threatened Loss BORN

Jakarta - businessman Samin Tan nationwide could lose its ownership stake in PT Borneo Lumbung Energy & Metal Tbk (BORN) if the tribunal Singapore (SIAC / Singapore Arbitration Court) won the plaintiffs, TransAsia Minerals Limited and Bondline Limited.

Based on the documents numbered SIAC Arbitration ARB001/12/FL received reporters on Monday (21/01/2012), stated that the SIAC has issued an interim ruling on the dispute Samin Tan Group Limited TransAsia group related buying and selling of shares in PT Asmin Koalindo Tuhup (AKT ). Interim ruling issued late in 2012 that it rejected all the evidence presented by Samin Tan group and the group won TransAsia. SIAC ruled that Samin Tan group proved not paid the remaining U.S. $ 10 million payment on the purchase of shares of AKT through BORN that should have been paid at the latest on December 21, 2009.

It describes the total value of a share purchase AKT and two other mines of TransAsia to Samin Tan group amounting to U.S. $ 175 million plus a late payment of the remaining amount of U.S. $ 10 million. In the purchase agreement deadline (SPA / Sale and Purchase Agreement), Samin Tan Group should settle all payments in early December 2009. However, the payment deadline can not be met, so the group Samin Tan imposed obligation to pay a late fee of U.S. $ 10 million with a deadline on December 21, 2009.

On the set, the group Samin Tan only pay the value of any purchase of U.S. $ 175 million, while a late fee of U.S. $ 10 million was not paid. Not object to the payment of the fine, TransAsia and Bondline as AKT previous owner, filed an arbitration to SIAC. Interim Decision SIAC decided that Samin Tan group proved not to pay a late fee of U.S. $ 10 million, so the final decision will be made, SIAC potentially cancel all sale and purchase transactions between group TransAsia AKT and group Samin Tan.

The worst that can happen is Samin Tan group must return the entire ownership of the shares BORN to TransAsia and Bondline, while TransAsia group must repay the U.S. $ 175 million to the group Samin Tan. Until now, Samin Tan not reply to text messages sent to confirm the fact of Singapore arbitration proceedings.