Cloudified Share Discussion Threads

[pembury] 10/4/2016 12:04

and we all know about the Noor situation with the case

[frak] 10/4/2016 12:01

Hi patviera ...translation is:

East Kalimantan Governor Awang Farouk Ishak confirms his signature had been forged in the mining license (KP) Ridlatama Group who were questioned Churchill Mining Plc in the arbitration court the International Centre for Settlement of Investment Dispute (ICSID). In addition to supporting the full step East Kutai Regent Isran Noor who reported the case to the police, the governor also assured the Indonesian government will prevail at trial ICSID. This was conveyed Awang Farouk when met at the office of the Supreme Audit Agency (BPK), today (14/3) , Fake signature is on KP occurs when Awang Farouk was still the East Kutai regent. At that time, Isran Noor was his deputy. In 2010, KP Ridlatama Group Isran Noor revoked by reason of the CPC recommendation. CPC in 2008, according to Isran Noor, find Awang Farouk signature on the letter was a fake.

This was from March 2014, so why did Ishak apologise to Churchill in August 2015?

[patviera] 10/4/2016 11:42

Hi frakWhat's that mean in English?!

[frak] 09/4/2016 22:38

Don't get me wrong here but on balance I believe CHL will win the current round but there are some weird contradictions that confuse me! Here's an article from 2014 re; Mr Ishak... a key witness for the ROI:

hxxp://news.metrotvnews.com/read/2014/03/14/219162/gubernur-kaltim-akui-tanda-tangannya-dipalsukan-dalam-kasus-churchill

Yet in CHL's statement (RNS) of 2nd December 2015:

We are grateful to Mr Noor's predecessor Regent, Awang Faroek Ishak, for his attendance at the hearing and for the apology he made to Churchill. Like
Governor Ishak, we too hope that no future foreign investors in Indonesia will receive the treatment Churchill received. Indonesia has a bright future but the reality is a number of foreign investors suffered during the period of regional autonomy, and Churchill is one of them. The sooner this dispute is resolved, the better it will be for all concerned."

Has he had a pang of conscience now he is very much in declining health!

[patviera] 08/4/2016 10:00

It does!!May:June we probably hear so we not got long!

[debbiegee] 08/4/2016 09:48

Be patient please ,It does not have to happen in 20 days ????????

[patviera] 08/4/2016 09:10

DebbiegeeWhat happened to our rise pre result?i said 20p I said more than 25p!!

[daddy warbucks] 08/4/2016 08:43

Thanks PB. I did look on the net but a lot of it was quite technical.

[pb01] 08/4/2016 08:21

Daddy W regards your post above......


If a company's shares are listed, then any further issue of shares must
also be listed and the company has to make the necessary application for
such.

If the company makes frequent issues of new shares (to satisfy the
exercise of share options, for example), it's a hassle (and more costly)
to have to make applications for listing each time.

So the Exchange allows a company to "block list" a block of shares
before they have been issued and allotted, which makes things easier. In
turn, the company must publish a half-yearly blocklisting review which
sets out the number of shares the subject of the blocklisting which have
actually been issued in the period and the number of shares outstanding.

[stephen1946] 08/4/2016 08:16

Indonesia is ranked no 10 in the worlds worst record league for capital punishment.

Maybe thats why nobody wants to put their neck on the line here and admit a mistake.

[daddy warbucks] 07/4/2016 16:48

Sorry to be a bit dim, but could someone explain these 'block listing reviews'. What are they and why do they need to be reported. Many thanks.

[frak] 07/4/2016 15:57

good point JNBRW!

[jnbrw] 07/4/2016 15:55

equally the indonesian police investigated the forgery claims and threw the case out through lack of any evidence of wrongdoing - twice!

[frak] 07/4/2016 15:50

The only thing that might be in Isran's favour (and prevent a witch hunt should CHL prevail) is that the Indonesian Supreme court came down on his side. Any attempt to charge him would essentially be challenging their integrity. Hope I'm wrong!

[debbiegee] 07/4/2016 15:46

Apparently Noor had already incriminated himself with different or incriminating statements so whichever way he jumped he would/could have only dug a bigger hole
.
Maybe he was advised to just not turn up as his best option ?

[pb01] 07/4/2016 14:25

Yes I remember that article. Noor's plans of coal and political domination have certainly crumbled. Cant be long before the Indo anti-corruption police come knocking on his door.

[debbiegee] 07/4/2016 14:20

There were also articles posted here with links at the time of election stating that Noor had hoped to/expected to be Vice President had Prabowo won .

[masarap] 07/4/2016 10:57

PB, that would be nice. Here's a good summary of the key part that Isran Noor played although there is date typo of 2012 rather than 2010. As we know, Mr Noor went 'on the run' when asked to give evidence and was 'too busy' even when the Tribubal tried to accomodate him via video link.

hxxp://www.insideindonesia.org/the-business-of-politics-in-indonesia-4

Strategic alliances between regional and national elites like these are important, particularly when it comes to revenue generation in the natural resource sectors. Decentralisation gave district heads and governors the power to issue a gamut of business permits – everything from land conversion, mining, plantation licenses, among others. So having allies in resource rich local governments is an invaluable asset for politico-business elites at the national level. Prabowo, for example, has cultivated an important local alliance with Isran Noor, District Head of East Kutai in East Kalimantan. In 2012 London-listed Churchill Mining had its permit revoked by Noor, following the company’s discovery of unexpectedly massive coal reserves. The permit was promptly transferred to Nusantara Group, a local mining company affiliated with Prabowo. Isran Noor, also the head of All Indonesia District Governments Association (APKASI), is believed to maintain a close political relationship with Prabowo and threw his support behind Prabowo’s presidential bid early in the campaign period despite being head of the Democrat Party’s East Kalimantan branch.

[pb01] 07/4/2016 09:31

If I was the RoI I would do the following:-

Make an offer to CHL to buy the company outright
Then re-instate the licences back to the company
Arrest NOOR for corruption
The new ROI management would then end the ICSID process
CHL shareholders walk away with XXX pence per share.
ROI has a world class mine in government control and 'save face' on being embarrassed at the ICSID finding

Everyone's a winner.


Only if life was that simple and logical.

[masarap] 07/4/2016 09:14

Published after the fire in CHL's Jakarta office.



"Indonesia, which is the world's top thermal coal exporter, is currently looking at ways to increase foreign investment at a time when the economy is growing at the slowest pace for five years.

The Churchill case is unlikely to help attract the large infrastructure project investments that president Joko Widodo has said is a key focus for his government.

"I hear from our Indonesian colleagues that the new president is somewhat annoyed that this case is here, running and a distraction to his foreign investment plans and ability to source capital for major infrastructure projects," Quinlivan added. "

[masarap] 07/4/2016 09:11

Thanks for the far too generous comments.

Carcosa, I agree on some of your points but not all. As you point out the case could be settled early but, in terms of dragging on, ROI will have to go through the delayed merits phase and I don't think ICSID will entertain too many delay tactics. After allowing the unusual authenticity stage they have been more than fair to ROI. The article below suggests it will complete sometime in 2017 if ROI take it to the bitter end.

Future changes to the legal / tax framework will not be a negative issue for CHL in terms of how the tribunal determine value as it's the date of illegal revocation (May 2010 it appears) that is key.

Finally, yes, ROI will want to settle as cheaply as possible but settling for a mid-range figure is not necessarily politically dangerous for the current president and his cabinet. It would reflect badly on Nusantara stakeholder, close friend of Isran Noor and political rival of the President, Prabowo, but is that a bad thing for Joko Widodo? ROI are keen to encourage foreign investment and, should they lose on authenticity, will Jokowi call time and encourage a tempting settlement offer? The article linked below touches on that.

[debbiegee] 07/4/2016 08:53

Good point Daddy.
As I have said before if the co are in negotiation or Roi are trying to buy us off it would be far better not to talk about prices.
It would not help the co if they are sticking out for more and there seeemed to be a consensus here of what we would be happy with.

And YES I do believe that bulletin boards are read

[daddy warbucks] 07/4/2016 08:35

The share price has a better % on the upside than the downside, but there is no guarantee that we will win, hence the price is low. However, compare it to our current assets and it is quite high.We have a stake in the company so obviously we are going to be skewed in our judgement.People mention £1 or £1.50 a share as a target. How do we know that figure hasn't already been offered by the ROI and been rejected?