Jakarta, CNBC Indonesia – Five subsidiaries of PT Bayan Resources Tbk (BYAN), namely PT Bara Sejati, PT Cahaya Alam, PT Dermaga Energi, PT Orkida Makmur, and PT Sumber Api, have officially sued the Minister of Investment/Head of the Investment Coordinating Board (BKPM) in Court Jakarta State Administration (PTUN).
The official lawsuit was submitted through a legal representative on April 8, 2022. The five subsidiaries are owned directly and indirectly through Kangaroo Resources Pty Ltd.
Through the disclosure of company information on the Indonesia Stock Exchange (IDX), Monday (11/04/2022), PT Bayan Resources Tbk sent a letter to the Capital Market Supervisor of the Financial Services Authority explaining that the lawsuit to the Minister of Investment/Head of BKPM was made “In connection with the issuance of Decree of the Minister of Investment/Head of BKPM concerning Downsizing and Approval for Adjustment of Mining Business Permits at the Exploration Activity Stage and Production Operation Activity Stage for Coal Commodities for the 5 subsidiaries resulting in a reduction in the area of the Mining Business Permit (WIUP) in the production operation stage and exploration and production and exploration operation stages of the 5 subsidiaries.”
“Currently, there is no impact on the company’s financial condition, however, the 5 subsidiaries of the company have not been able/impeded to continue their operational activities,” he said in the BYAN statement, which was announced by the President Director of Bayan Dato’ Dr. Low Tuck Kwong and Director Jenny Quantero.
Previously, on February 16, 2022, the Ministry of Investment/Investment Coordinating Agency (BKPM) issued 180 letters of revocation of Mining Business Permits (IUP) which were signed directly by the Minister of Investment/Head of BKPM Bahlil Lahadalia.
The revoked IUPs consist of 112 mineral IUPs and 68 coal IUPs. This is a manifestation of President Joko Widodo’s directive that the government will take firm action against companies that do not take advantage of the permits granted properly.
IUP revocation is carried out for all companies that do not follow the applicable rules and are not only intended for certain groups. The revocation process has been carried out in stages since last January.
“So previously the Investment Minister/Head of BKPM signed 19 letters of revocation of IUPs, then increased to 161 so that we have officially revoked a total of 180 IUPs,” said Deputy for Investment Implementation Control Imam Soejoedi in an official statement quoted on Wednesday (16/2/2022). ).
The majority of coal IUP revocations were carried out in East Kalimantan province with 34 IUPs (50%) owned by 34 business actors, while the majority of mineral IUP revocations were located in the Riau Archipelago with 17 IUP (15.18%) owned by 8 business actors.
Meanwhile, throughout 2022, the government is targeting to revoke 2,343 mineral and coal IUPs, which include mining permits for gold, nickel, cobalt, coal, manganese, and mineral C.
(wia)
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