Bayan’s appeal was heard before the Court of Appeal of Western...

Bayan’s appeal was heard before the Court of Appeal of Western Australia (“Court of Appeal”) in March 2014. The Court of Appeal has today unanimously dismissed Bayan’s appeal to the grant and scope of the freezing orders. An order has been made that Bayan pay BCBCS’ costs of the appeal. The effect of today’s judgment is that the freezing orders will remain in place unless and until there is a further order made. Subject to any attempt by Bayan to seek special leave to appeal to the High Court of Australia or apply anew to the Supreme Court to challenge the freezing orders, the Company expects that the freezing orders will remain in place until after the conclusion of the proceedings against Bayan in the High Court of the Republic of Singapore.