Stock Market Wire | 19 April 2017

Churchill gets provisional stay on tribunal award

An award by an ICSID Tribunal against Churchill Mining after it lost its claims for damages over the revocation of Indonesian mining licences has been provisionally stayed.

The company said the ICSID secretary-general had confirmed that the company’s annulment application was registered on 11 April and that she would request the chairman of the administrative council of ICSID to appoint an ad hoc committee to consider the annulment application.

Churchill filed an annulment application after an ICSID Tribunal granted Indonesia’s application to dismiss the company’s claims for damages following the revocation of mining licences and ordered it to pay $9,446,528 in costs and arbitration tribunal fees.