Ann: Update on legal proceedings against Bayan Resources, page-7

The High Court is doing business as usual as well and Bayan will find out soon. The wasted expenditure which White seeks to recover in the Singapore proceedings amounts to at least $US138 million made up as follows:

1. Loans to KSC under the First Shareholder Loan Agreement $25 m USD
2. Loans to KSC under Second Shareholder Loan Agreement $26.6 m USD
3. Loans to KSC under Priority Loan Funding Agreement $40 m USD
4. Other short term shareholder loans made to the JV Compan $19.8 m USD
5. Recharges $8.1 m USD
6. Interest $18.8 m (as at 31 March 2012, plus interest accruing thereafter)
TOTAL $138 m USD

The estimated loss of profits ranges from $63 million from a production capacity of one million tonnes per annum to $749 million for 15 million tonnes per annum.
Singapore law recognises a plaintiff's right to claim reliance losses and cites Halsburys Laws of Singapore in support of that proposition.