Creditors, the government, and suppliers, struggled to get payments from Borneo Lumbung Energi and Metal (BORN) for many years, but Samin Tan, the controlling shareholder, has shown that he was still a rich person.
Read MoreThe problematic coking coal producer PT Borneo Lumbung Energi & Metal Tbk (BORN), controlled by Samin Tan, has finally released its audited financial report for the period ended Dec 31, 2015, two years behind the timeline required by market authorities. The Company ended 2015 with negative equity of US$909.2 million due to accumulated losses of US$1.75 billion.
Read MoreThe Government of Indonesia terminated its coal mining concession agreement (PKP2B) with PT Asmin Koalindo Tuhup (AKT), a subsidiary of PT Borneo Lumbung Energi & Metal Tbk (BORN) belonging to Samin Tan last year. Concerns emerged after the decision was published, one of which was the sustainability of BORN. Perhaps that’s why AKT decided to file a lawsuit against the Government. On January 23, 2018, news spread that AKT won the lawsuit but that turned out to be false rumor.
Read MoreThe Government of Indonesia terminated its coal mining concession agreement (PKP2B) with PT Asmin Koalindo Tuhup (AKT), a subsidiary of PT Borneo Lumbung Energi & Metal Tbk (BORN) belonging to Samin Tan. This decision threatens the sustainability of BORN because AKT is BORN’s biggest asset. In addition, this decision will also have an impact on the peace agreement that the Company had entered into with its creditors back in April 2016. Responding to this decision, AKT filed a lawsuit at the Jakarta State Administrative Court (PTUN Jakarta).
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