Government open new case in Karaha Bodas Power Plant because find a novum. What kind of novum ?? Wait in court because this case very very high politics
The State Oil Company (PT Pertamina), last year had lost in the case of Karaha Bodas Power Plant project halt against Karaha Bodas Company (KBC) in the trial held by a court in Cayman Islands recently.
The court rules that the funds of Pertamina saved in some US banks have to be used to pay the claim and interests.
KBC is the 201 MW Geothermal Power Plant (PLTP) in Karaha Bodas, Garut, West Java. The US$264 million's worth project was signed by KBC and Pertamina in December 1994.
However, according to Pertamina Bulletin, the monetary crisis in 1997 made the project put to halt in accord with the Presidential Decree No. 39 year 1997, which was issued as a requirement from the International Monetary Fund (IMF) to disburse their assistance funds during the monetary crisis.
Following the halt in the project, KBC filed a lawsuit against Pertamina in an international arbitrage agency in Geneva, Switzerland, in December 2000.
The arbitrage agency later ruled in favor of KBC and ordered Pertamina to pay US$261 million in claim plus a 4% annual interest to KBC. The ruling was corroborated by the US Supreme Court decree issued in October 2006.
The court also suspended Pertamina's assets worth US$300 million saved in US banks. Pertamina in December 2006 made an appeal to a court in Cayman Islands. KBC LLC is owned by Caithness Energy, Florida Power and Light, Tomen Corp as well as PT Sumarah Dayasakti as a local partner.
Tuesday, July 8, 2008
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