Not unexpectedly, a notice of appeal against substantially the whole of the SICC’s findings against Bayan in the second tranche judgement was subsequently filed by Bayan on 23 August 2017. The appeal was heard on 7 to 8 February 2018 in Singapore, by three international judges. The judgement has been reserved.
The White Energy Group had invested over US$110 million in the Tabang project in Indonesia up until 2012 when Bayan repudiated the joint venture. Substantial legal costs have also been incurred in relation to the proceedings to recover damages from Bayan.
After the appeal judgement, White Energy will prepare for the third tranche of the proceedings, seeking damages and costs.
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