Pukuafu: Newmont EGM is Invalid - The Indonesia Today

The dispute over divestment of PT Newmont Nusa Tenggara (NNT) continues. PT Pukuafu Indah, holder of 20% shares in NNT, has filed a petition to the South Jakarta District Court demanding the court to declare that the extraordinary general shareholders meeting (EGM) held on February 28, 2011 was invalid.

Kontan reported today that the case started when Pukuafu received an invitation for the EGM on February 11, 2011. Agenda of the EGM was, among others, to approve the transfer of 7% NNT shares owned by Newmont and Sumitomo.

On February 18, 2011, Pukuafu submitted a letter to NNT asking Newmont to respect the decision of the South Jakarta District Court on November 30, 2010, which states Pukuafu entitled to the divestment shares of 31% in NNT.

As the company didn't get a satisfying respond, Pukuafu then filed a petition to court which basically asks the court to allow Pukuafu to not attending/participating in the EGM on February 28, 2011. Pukuafu also asked judges to declare that the EGM held February 28, 2011 invalid and that the results of EGM are not binding toward Pukuafu.

Romi Emirat, attorney of NNT, said Pukuafu's petition was lack of merit. There is no legal provision regulating the petitioned issue, to annul the EGM, through court, Emirat said.