The two day hearing before the Queensland Supreme Court, to determine whether the Court has jurisdiction to hear Papua New Guinea's application to appeal the Award made in Sandline's favour in October 1998 by an International Arbitration Tribunal, concluded in Brisbane today.
The Judge hearing the case, Mr Justice Ambrose, has reserved judgment and, until he has delivered his judgment, it would be inappropriate for Sandline to comment on the proceedings.
However, Sandline wishes to make it clear that, unless and until Papua New Guinea provides security for the Award that has been made against the State, which, with costs and interest now totals in excess of US$25 million, the company, through its lawyers, will continue to seize PNG's assets wherever they are located around the world.
On 18 December 1998, Mr Justice Ambrose made a full day of Court time available to PNG so that it could make an application to stay execution of the Award. PNG withdrew its application at the last minute, probably because they would have been required by the Court to put up security for the Award as a condition for the granting of the stay. Papua New Guinea can hardly complain, therefore, that Sandline will continue to take all appropriate steps to collect what is lawfully due.