Budidjaja International Lawyers (BIL) successfully co-hosted an international event on Coal Trading held on 15 August 2017, at the Shangri-La Hotel in Jakarta. The event, organized by the Singapore Chamber for Maritime Arbitration (SCMA) and the Indonesian Coal Mining Association (ICMA), highlights the trends and risks often face in conducting cross-border transactions.
The event was attended by high ranking officials comprising of officials from major mining companies, coal traders, foreign trade chambers representatives, and representatives of foreign mining association.
In addition to acting as co-host of the event, Budidjaja International Lawyers is also proud to inform that some of our members were invited to act as speakers by the SCMA. BIL’s Senior Partner Mr. Tony Budidjaja was appointed as the officiating speaker for Session 3 of the seminar, a session highlighting the practical approach to mitigating risks in cross border transactions where the firm’s Senior Associate Mr. Bama Djokonugroho acted as one of the main speakers.
Mr. Tony Budidjaja delivered his officiating speech during the opening of Session 3 of the seminar.
In session 3, Mr. Bama talked about the practical approach to enforcement of international arbitration award in Indonesia, including the following key issues:
- The international arbitration award may only be regarded as enforceable and executable in Indonesia not when the court has accepted the registration of such arbitration award, but when the court has issued an exequatur decree.
- Enforcement of international arbitration award may raise another court proceeding filed by the opposition party to hamper such enforcement. Consequently, the cost for enforcing international arbitration award can be very costly.
- Registration of international arbitration award in Indonesia must be registered by the tribunal/panel of arbitrators of such cases.
In addition to the above, Mr.Bama also provided mistakes commonly made by enforcing party, which often neglected the above details. Also, Bama talks about the implementation of the Master Plan for Acceleration and Expansion of Indonesia’s Economic Development (MP3EI) under President Joko Widodo’s qntlistration.