28 December 2011 – White Energy Company Limited (ASX:WEC; OTCQX:WECFY) (“White Energy”) Further to its previous updates on 9 and 21 November 2011, White Energy wishes to advise shareholders that its wholly owned subsidiaries, BCBC Singapore Pte Ltd (“BCBCS”) and Binderless Coal Briquetting Company Pty Limited (“BCBC”) (together, the “White Energy parties”), on 27 December 2011, commenced proceedings in the High Court of the Republic of Singapore against PT Bayan Resources Tbk (“Bayan”) and Bayan International Pte Ltd (“BI”), (together, the “Bayan parties”).
The proceedings relate to White Energy’s 51% owned Indonesian subsidiary company, PT Kaltim Supacoal (“KSC”), which is 49% owned by Bayan.
The issues in the proceedings include a claim by BCBCS against Bayan for damages for breach of the Joint Venture Deed between the KSC shareholders, including the obligation to supply coal to KSC and the obligation to provide funding to KSC.