5 December 2013
For Immediate Release
Bumi plc ("Bumi" or the "Company")
Update on the Roeslani Agreement
In its supplementary circular issued on 3 December 2013, the Company noted that Rosan Roeslani has raised a number of issues as to the nature of his obligations under the Roeslani Agreement, as a result of which he denies that he is in breach of those obligations and asserts that any outstanding liability to transfer any cash or assets under the Roeslani Agreement has been extinguished.
The Company has now been able to review and obtain legal advice in relation to those issues. The Board of the Company considers that the arguments raised by Mr Roeslani are of little merit and has concluded that Mr Roeslani does not intend to make any payments or meet any of his obligations under the Roeslani Agreement by the deadline of 26 December 2013.
The Company is determined to enforce its rights under the Roeslani Agreement and to seek to compel Mr Roeslani to make full payment of $173m in accordance with the obligations which he agreed, in cash and/or assets. It will therefore now enforce its rights through arbitration in Singapore in accordance with the terms of the Roeslani Agreement. Having considered all the alternatives, the Company believes that this holds the best chance of recovering value from Mr Roeslani.
For enquiries, please contact:
+44 (0) 20 7201 7511
Ed Simpkins / Charles O'Brien
+44 (0) 20 7251 3801
This information is provided by RNS