cash backing per share, page-15

@tokyo
Yes, according to WEC's announcement from 21 November 2011 Bayan indeed offered to supply coal until 30 June 2012 at HBA price (~ 7 times the agreed price) if WEC had purchased Bayan's 49% share in KSC for US$45m, which represents the funding contrubtions by Bayan. But this was totally unacceptable in every single regard and most notably before the legal proceedings began.
Bayan's 2011 yearly report published earlier this month states on p.99 that "on 21 February 2012, the Company and Bayan International Pte Ltd lodged their respective defense. On the same date, the Company also filed a counter claim against BCBCS and WEC for breach of the joint venture deed, claiming special damages of US$58,99,213 (or equivalent to Rp 517,915) and general damages to be assessed by the court.

The managements view is that the Comapny is not in breach and that BCBCS/BCBC/WEC are in fact in breach and that no contingencies are deemed necessary."

IFRS requires provisions to be made if probability of the potential payment obligation exceeds 50%. Let's see if Bayan will set up provisions in their Q1 quarterly report after the court freeze of their KRL stake clearly indicates that a payment obligation has become more likely than not. But I guess Bayan make their own accounting rules.