The lawyer of Polytex, Leonel Alves, stated today (Wednesday) that there was no backdoor negotiation with the Macau SAR authorities behind the decision to drop a MOP25 billion (US$3.1 billion) indemnity request related to the failed Pearl Horizon project.
“All I can say of what I know is that there has been no agreement or underlying business deal agreement,” Alves indicated.
The local arm of Hong Kong-listed group Polytec had made a damages claim to the Administrative Court (TA) in November 2018, with the court issuing an unfavourable decision in April of this year.
The project was halted following the Macau government’s decision to revoke the company’s land concession and reclaim the land plot where the project was being developed, with Polytex considering that the decision constituted an ‘unjustified obstacle’ to the project.
The company then submitted an appeal to the Court of Second Instance in May, however it was revealed last week that it decided to drop the damages claim on September 11.
Concerning the reasons behind the decision, the lawyer forwarded any explanation to the company itself but said the decision was made “taking into consideration the company’s business interests” in the region.
“Polytex does not just have business interests in Macau, it also has them in Hong Kong and Mainland China. Probably those business interests were considered before making the decision,” he stated.
Alves also underlined that at this moment the company had no legal disputes with the Macau SAR government.
In his speech for the judicial year opening, the President of the Court of Final Appeal, Sam Hou Fai, referred that this year 14 damage claim disputes against the Macau SAR filed by Pearl Horizon buyers have been submitted the Court of Last Instance, with no similar cases remaining in the Administrative Court and the Court of Second Instance.