These 5 Bayan Resources Subsidiaries Owned By Conglomerate Low Tuck Kwong Sue Investment Minister Bahlil, Why?

Photo: Doc. Bayan Resources

JAKARTA - Five subsidiaries of PT Bayan Resources Tbk (BYAN) filed a lawsuit against the Investment Minister/Head of the Investment Coordinating Board (BKPM) at the Jakarta State Administrative Court.

In BYAN's information disclosure, on the Indonesia Stock Exchange (IDX) website, quoted Monday, April 11, the five subsidiaries of the conglomerate Dato Low Tuck Kwong are PT Bara Sejati, PT Cahaya Alam, PT Dermaga Energi, PT Orkida Makmur, and PT Sumber Fire. The five are BYAN's subsidiaries which are owned directly and indirectly through Kangaroo Resources Pty Ltd, and have registered the lawsuit through their attorneys on April 8, 2022.

The lawsuit was filed in connection with the issuance of a Decree of the Minister of Investment/Head of the Investment Coordinating Board concerning Downsizing and Approval for Adjustment of Mining Business Permits in the Exploration Activity Stage and Production Operation Activity Stage for Coal Commodity against the five BYAN subsidiaries.

"Resulting in a reduction in the area of the mining business permit (WIUP) for the production and exploration operation stages and the duration of the production and exploration operation stages of the 5 subsidiaries," explained Bayan Resources President Director Low Tuck Kwong and Bayan Resources Director Jenny Quantero.

According to them, there is currently no impact on the company's financial condition. However, the five subsidiaries have not been able or have been hampered from continuing their operational activities.