MATERIAL LITIGATION HAK GUNA USAHA - PT NUNUKAN JAYA LESTARI ("PTNJL")

FIMA CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
HAK GUNA USAHA - PT NUNUKAN JAYA LESTARI ("PTNJL")

We refer to our announcements on 26 August 2016, 21 October 2016, 14 June 2017, 21 June 2017, 24 July 2017, 4 January 2018, 11 January 2018 and 24 January 2018 in respect of the above matter. Unless otherwise defined, all terms and abbreviations used in this announcement shall have the same meaning ascribed in the aforesaid announcements.

The Company wishes to inform that the Mahkamah Agung Republik Indonesia (“Mahkamah Agung”) vide its written decision dated 21 August 2018, has allowed PTNJL’s appeal and ruled that the Ministerial Order revoking PTNJL’s HGU be annulled.

The Mahkamah Agung also ordered the Defendant, i.e. the Menteri Agraria dan Tata Ruang/Kepala Badan Pertahanan Nasional Republik Indonesia to simultaneously:

(i)         issue an order cancelling PTNJL’s HGU rights over the areas overlapping with third party interests measuring 3,500 hectares; and

(ii)        issue a new HGU certificate in favour of PTNJL for an area measuring 16,474.130 hectares, (which is 19,974.130 hectares less the 3,500 hectares referred to in paragraph (i) above).

In the circumstances, PTNJL will proceed to take the necessary legal steps to enforce the court’s decision.

The financial impact of the aforesaid decision is expected to be favourable and the Company will make further announcements once the assessment on the potential writebacks is completed.

This announcement is dated 23 August 2018.






Announcement Info

Company Name FIMA CORPORATION BERHAD
Stock Name FIMACOR
Date Announced 23 Aug 2018
Category General Announcement for PLC
Reference Number GA1-23082018-00059