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Churchill Mining secures stay of enforcement of Indonesia arbitration award

( August 7, 2017, 01:51 GMT | Official Statement) -- MLex Summary: Churchill Mining has secured a stay of the enforcement of a Dec. 6 International Centre for Settlement of Investment Disputes award against the company. The tribunal had dismissed Churchill's $1 billion plus claim for damages against Indonesia after it lost its license to a coal mine in East Kalimantan and Churchill was ordered to pay $9 million in costs and arbitration fees. The stay of enforcement will continue pending Churchill's application to have that decision annulled. The stay was contingent on Churchill's pledging land to Indonesia as security, which it achieved by means of a unilateral pledge after Indonesia refused to sign a power of attorney in its favor, Churchill said a day earlier. Churchill Mining's full statement is below...

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