RNS Number : 0782C

Asia Resource Minerals PLC

14 January 2015

14 January 2015

For Immediate Release

Asia Resource Minerals plc ("ARMS" or the "Company")

Update on Enforcement of Arbitration Award

The Company wishes to update on the enforcement of the Singapore arbitration award obtained against Rosan Roeslani, as announced on 30 December 2014.

Under the rules of the Singapore International Arbitration Centre, the award is final and cannot be appealed. In accordance with those rules, Mr Roeslani is obliged to comply with the award "without delay". Accordingly, the Company's lawyers wrote to Mr Roeslani's lawyers requesting confirmation that Mr Roeslani intends to satisfy his obligations. No response has been received.

Under the New York Convention, the award is capable of being registered and enforced in over 150 countries. The Company conducted an extensive investigation into assets personally held by Mr Roeslani prior to commencing the arbitration and is, therefore, in a position to register and then enforce the award against those assets in the relevant jurisdiction. The nature of the enforcement actions depends upon the procedural rules in each jurisdiction.

The Company and PT Berau Coal Energy Tbk ("Berau") have therefore taken the following initial steps:

1. the award is being registered in Singapore in order to permit enforcement against Mr Roeslani's shares in Recapital Investments Pte Ltd, a Singapore company in which over 99% of the shares are held by Mr Roeslani;

2. the award is being registered in France and Luxembourg. This should enable the current attachment orders against two chateaux ultimately owned by Mr Roeslani to become final orders, so that the assets can be sold in order to realise value in due course;

3. the Company and Berau are filing a confirmation petition in the US Federal Court in respect of the award. Mr Roeslani is believed to own a substantial and valuable property in California; and

4. the award is being registered in Indonesia, where the remainder of Mr Roeslani's assets are understood to be held. It can then be enforced in Indonesia in the same way as a judgment of the Indonesian court.

The timelines for enforcement will vary in each jurisdiction and depend on whether Mr Roeslani attempts to challenge enforcement.

The Board deplores the fact that Mr Roeslani shows no sign of being prepared to meet his obligations under the Singapore arbitration award. He agreed that any issues under the Settlement Deed should be resolved by arbitration and he ought to respect the decision that has been made by the arbitration tribunal. However, the Company and Berau anticipated the possibility that Mr Roeslani would simply ignore his obligations and are therefore implementing their strategy to enforce the award. This strategy will be pursued as vigorously but as cost effectively as possible, even though the recovery process may take many months (or longer if Mr Roeslani attempts to avoid enforcement).

The Company and Berau will provide further updates as appropriate.

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For enquiries, please contact:

Asia Resource Minerals plc
Sean Wade
+44 (0) 20 7201 7511
RLM Finsbury
Ed Simpkins / Charles O'Brien
+44 (0) 20 7251 3801

This information is provided by RNS

The company news service from the London Stock Exchange

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