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MATERIAL LITIGATION MAXIM GLOBAL BERHAD ("MAXIM" or "THE COMPANY") - MATERIAL LITIGATION AGAINST THE BOVEN DIGOEL REGENCY, PROVINCE OF PAPUA, REPUBLIC OF INDONESIA IN RESPECT OF THE GROUP'S ASSETS LOCATED IN PROVINCE OF PAPUA, REPUBLIC OF INDONESIA

MAXIM GLOBAL BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MAXIM GLOBAL BERHAD ("MAXIM" or "THE COMPANY")
- MATERIAL LITIGATION AGAINST THE BOVEN DIGOEL REGENCY, PROVINCE OF PAPUA, REPUBLIC OF INDONESIA IN RESPECT OF THE GROUP'S ASSETS LOCATED IN PROVINCE OF PAPUA, REPUBLIC OF INDONESIA

Reference is made to the earlier announcements dated 24 March 2021, 3 May 2021, 27 May 2021 and 12 October 2021 in relation to the above subject matter. For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the earlier announcements.

 

The Company wishes to announce that two of its 90% owned subsidiary companies, PT TKU and PT MSM have been notified by their Solicitors on 19 July 2022 that they have extracted the verdict on the Judicial Review Petition from the Supreme Court of the Republic of Indonesia. The Supreme Court had rejected the Judicial Review Petition. 

 

PT TKU and PT MSM are now evaluating on the available course of action to be taken with the advice of its Solicitors in the Republic of Indonesia and will make further announcements on any material development regarding this matter in due course.

 

The Group does not expect this matter to have any material impact on the Group’s earnings and/or net assets nor any impact on the Group’s core operational business of Property Development & Construction.

 

This announcement is dated 20 July 2022.






Announcement Info

Company Name MAXIM GLOBAL BERHAD
Stock Name MAXIM
Date Announced 20 Jul 2022
Category General Announcement for PLC
Reference Number GA1-19072022-00046



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