Indonesia court rejects Astro unit Measat Broadcast Network move for RM995.58mil award
Astro Malaysia Holdings Bhd’s unit Measat Broadcast Network Systems Sdn Bhd has failed to enforce a US$303mil (RM995.58mil )award against PT First Media Tbk, PT Direct Vision and PT Ayunda Prima Mitra in Indonesia.
Astro said yesterday the Supreme Court of Indonesia had dismissed its appeal against the Central Jakarta District Court’s (CJDC) decision which had rejected the claimants’ application to enforce the award.
It said the Supreme Court dismissed its appeal against the CJDC’s decision as the awards were contrary to public order; amounted to interference with Indonesian judicial process; and violated the principles of the state and legal sovereignty of Indonesia.
“Accordingly, the awards remain unenforceable in Indonesia. The decisions by the CJDC and the Supreme Court of Indonesia effectively render Indonesia the only one out of five jurisdictions relevant to the case not to have the allowed the enforcement of the Awards,” said Astro.
To recap, the claimants had applied to enforce the Singapore International Arbitration Centre’s (SIAC) awards against the three Indonesian companies.
In 2010, an arbitral tribunal of the SIAC had ruled in favour of the claimants, and granted them US$303mil plus interest.
However, the awards remain unpaid by PT First Media Tbk, PT Direct Vision and PT Ayunda Prima Mitra.
The judgment was entered in the terms of the awards todate in four jurisdictions – Singapore, Malaysia, Hong Kong and the United Kingdom.
The claimants then sought to enforce the awards in a Indonesia in December 2011.
However, on Sept 11, 2012, the CJDC rejected the claimants’ application, a decision which rendered all the awards unenforceable in Indonesia.
Astro said the claimants then filed an appeal on Oct 25, 2012 at the Supreme Court of Indonesia.
However, yesterday it was informed the Supreme Court of Indonesia had dismissed the appeal against the CJDC’s decision.
The company continues to deliver against its strategies and growth and strong cash flow.
Astro's free cash flow is at 221 per cent of its profit after tax totalling RM469 million. It recorded a profit after tax of RM212 million for the period under review.
Rohana said following this performance, the board of directors had agreed to declare a second interim dividend of two sen a share, bringing the total dividend to four sen a share for the first half-year period, and eight sen a share since its initial public offering in October last year
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
SANG-JERO
3,980 posts
Posted by SANG-JERO > 2013-08-19 16:31 | Report Abuse
Astro will rebound again...very strong...just hang on...