It all boils down to who has the rights to the land. The SIs government's cancellation of Sumitomo's permit proves that Sumitomo does not have the permission of the landowners to prospect the land. Sumitomo's, permit is denied.
Sumitomo believes their will will prevail, regardless of the SI constituion. Sumitomo has sued the SI government in high-court before and LOST--big (regardimg the BLA). Sumitomo has still not paid the court appointed costs of their last loss. After this embarrassment the Japanese government is still behind Sumitomo's efforts in the SIs.
I believe the SI government is/preparing to reject Sumitomo. Withdrawing the LOI is a major setback to Sumitomo.
We know that Sumitomo is going to fight, but how can Sumitomo prevail when the legal trustees of a piece of property has signed (and registered) a lease permitting Axiom KB the rights to their property for the next 50 years?
Sumitomo and the Japanese government must realize that they only have jurisdiction in Japan.
This of course in only my opinion.
AVQ Price at posting:
7.2¢ Sentiment: Hold Disclosure: Held
