KONTAN.CO.ID - Publicly listed property giant PT Agung Podomoro Land Tbk (APL) may breathe a sigh of relief after the Supreme Court allowed the company to continue with construction work on Islet G, one of 17 islets to be created in the Jakarta Bay.
With its decision on Saturday the Supreme Court rejected an appeal by the Indonesian Forum for the Environment (WALHI) and the People’s Coalition for Fisheries Justice Indonesia (Kiara).
The decision reaffirmed a decision by the Jakarta Administrative Court that had rejected the two plaintiffs’ appeal against the Jakarta Government, which had issued a permit for the island construction, as the defendant in the dispute.
APL subsidiary PT Muara Wisesa is in charge of building the 161-hectare islet. According to APL’s financial statement released in June, the company’s asset in the islet are worth Rp 2.54 trillion.
The statement also explains that the company had talked to legal consultants and considered that it had suffered no material losses apart from the delay on the islet’s construction.
Nevertheless, APL refrained from commenting on the verdict. “You may ask the policymakers [the Jakarta administration]. We as developers only follow them,” said APL head of investor relations Wibisono, as quoted by kontan.co.id.
Meanwhile, Investa Saran Mandiri director Hans Kwee said certainty on the islet’s development would help improve the company’s prospects as well as its stock price. [dea/bbn]
Source : The Jakarta Post