White Energy Company Limited (ASX: WEC; OTCQX:WECFY) ('White Energy' or 'the Company') refers to its previous announcements in relation to the proceedings brought by its subsidiaries, BCBC Singapore Pte Ltd ('BCBCS') and Binderless Coal Briquetting Company Pty Limited ('BCBC') against PT Bayan Resources Tbk ('BR') and Bayan International Pte Ltd in connection with the KSC joint venture.
The Singapore International Commercial Court ('SICC') yesterday released its judgment in relation to the issue of whether BCBCS had the ability to fund KSC by itself. As previously advised to shareholders, the Singapore Court of Appeal ('CA') had dismissed substantially the whole of BR's appeal against the second tranche judgment of the SICC, save only that it had remitted the question of whether BCBCS had the ability to fund KSC by itself to the SICC for determination.
The Company is pleased to announce that the SICC ruled in favour of BCBCS and BCBC and held that BCBCS had the financial ability to fund KSC until the completion of commissioning and testing at the Tabang Plant or until June 2012.
In light of this finding, a third tranche of the proceedings will be held to deal with the outstanding issues in relation to causation and the quantum of damages. A Case Management Conference will be held after 25 January 2019 to provide directions on the conduct of the third tranche. The Company will advise shareholders of the details regarding the conduct of the third tranche as available.
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Forward Looking Statements
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