Indonesian Cemex Case

Indonesian Cemex Case
Published: 23 December 2003

The Indonesian Minister of Finance is making fund allocation to finance legal efforts against lawsuit filed by Cemex Asia to International Centre for Settlement of Investment Disputes (ICSID) Washington.  "Coordination with Ministry of Finance and other institution deemed of great necessity to help strengthen our position in the arbitration," Bacelius Ruru, Secretary of the State Minister of State Enterprises said yesterday.  According to him office of the State Minister of State Enterprises has sketched up the dispute between government and Cemex Asia in the publicly listed cement company PT Semen Gresik, arising fund requirement in consequence.  One source revealed an arbiter and lawyer for one case may require US$460.000.  Asked about Cemex demand for government to return its investment in SG, Ruru admitted having been reported of the matter but the adversary has yet to officially launch the demand to date.