April 2,2019:
Indonesia has won a $469 million Arbitration case against India’s Metal Ferro and Alloys Ltd (IMFA) after nearly four years of the court battles.
ICC Arbitration Court in The Hague, Netherlands, ruled in favour of Indonesia in the case, according to a notification the government received last week.
IMFA had filed a claim to Court in 2015, alleging that overlapping mining permits issued by the Authorities have disrupted its operation in Kalimantan, the Indonesian side of Borneo island.
This is a second court victory announced by Indonesian Government in recent weeks, after International Centre for Settlement of Investment Disputes, a U.S-based Arbitration Tribunal, dismissed an effort by Churchill Mining PLC to revive a $1.3 billion claim against Jakarta over cancelled coal mining rights, also in Kalimantan.
Source Business Standard
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