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Indonesia/Japan/South Korea: Embarrassment for Japanese Government bank as court rules coal plant’s permit illegal
In an embarrassing rebuff to the Japan Bank for International Cooperation (JBIC) an Indonesian administrative court has ruled a key environmental permit for a huge coal plant expansion was issued illegally. Just hours before the West Java civil court revoked the environmental permit for the 1000 megawatt (MW) Cirebon 2 Coal Fired Power Plant, the financial press reported a coalition of banks led by JBIC had signed a loan agreement to provide US$1.74 billion for the controversial project.