From yesterday: ICSID Tribunal has granted Indonesia’s application to dismiss the Churchill claims for damages
The ICSID Tribunal has granted Indonesia’s application to dismiss the Churchill claims for damages arising from the revocation of mining licenses that made up the East Kutai Coal Project.
The tribunal’s findings include:
Thirty four disputed documents were held not to be authentic,
The forger was most likely person or persons acting for or on behalf of Churchill's Indonesian partner the Ridlatama Group in collusion with a person inside the East Kutai Regency,
There was no finding that Churchill or its officers were involved in any forgery,
Churchill’s due diligence conducted at the time the licences were acquired were insufficient,
The claim brought by Churchill has been dismissed,
Churchill has been ordered to pay costs and arbitration fees of US$9,446,528.
NORTHLAND CAPITAL PARTNERS VIEW: A very disappointing decision for Churchill Mining. The Company is still reviewing the Tribunals decision. The ICSID process allows Churchill to request annulment of the award on the following grounds: (i) that the Tribunal was not properly constituted; (ii) that the Tribunal has manifestly exceeded its powers; (iii) that there has been a serious departure from a fundamental rule of procedure; or (iv) that the award has failed to state the reasons on which it is based. Churchill believes there are grounds to annul this award and is working with its lawyers Clifford Chance LLP to determine which of the above grounds may be available. As part of that application, Churchill would seek a stay of the costs orders that have been made. The suspension in trading of the Company's shares on AIM will remain in place pending clarification of the Company's financial position
Market Cap: £5.6m; Current Price: 6.75p
European patent granted for VAL201
ValiRx announced that a patent ("Anti-Androgen Peptides and Uses Thereof in Cancer Therapy") covering its lead therapeutic compound VAL201 has been granted by the European Patent Office.
NORTHLAND CAPITAL PARTNERS VIEW: This patent grant further strengthens VAL201’s worldwide coverage. ValiRx now has patent protection for VAL201 in Japan, Europe and Australia, with further patents pending for the compound in significant markets across the rest of the world.