Karaha Bodas seeks to recover damages from Pertamina<\/p>\n
Agence France Presse, New York<\/p>\n
Independent power firm Karaha Bodas said Monday it had
\nlaunched legal efforts to seize assets of Indonesian state oil
\nand gas company Pertamina to collect US$261 million in unpaid
\ndamages.<\/p>\n
Karaha Bodas, a Cayman Islands firm, which is majority owned
\nby Florida Light and Power and by New York-based Caithness
\nEnergy, said Pertamina had failed to pay damages awarded against
\nit.<\/p>\n
Karaha said it had invested more than $100 million in
\ndeveloping the Karaha Bodas geothermal contracts in Indonesia
\nunder 1994 contracts with Pertamina and another Indonesian
\nentity.<\/p>\n
But the projects were suspended by Indonesia in 1998.<\/p>\n
Independent Swiss-based arbitrators ruled against Pertamina in
\nDecember 2000, awarding Karaha about $261 million in damages,
\nKaraha said in a statement.<\/p>\n
The U.S. Federal Court in Houston, Texas backed that ruling
\nwith a judgment against Pertamina in December last year, it said.<\/p>\n
But \"Pertamina has still refused to pay any portion of the
\naward or judgment,\" Karaha Bodas said in a statement. \"As a
\nresult, Karaha has been forced to begin execution against
\nPertamina's assets around the world.\"<\/p>\n
Karaha said it had filed garnishment and discovery requests on
\nFeb.21 in Texas, New York and Delaware against banks believed to
\nhold Pertamina funds, and against a number of Pertamina oil and
\ngas partners.<\/p>\n
It also began enforcement proceedings against Pertamina in
\nCanada to attach assets there.<\/p>\n
\"Karaha will continue to vigorously prosecute these execution
\nproceedings in any location where it can identify Pertamina
\nassets,\" the company statement said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/karaha-bodas-seeks-to-recover-damages-from-pertamina-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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