Property developer Polytex has withdrawn its appeal to claim MOP 25 billion (US$3.12 billion) in compensation from the government for the latter’s decision to axe its ill-fated Pearl Horizon project, the Court of Final Appeal (TUI) has announced.
Macao’s top court announced the move in a statement on Sunday night.
The company had appealed a ruling by the Administrative Court to the Court of Second Instance (TSI) in May, after the Administrative Court in March had rejected an extra-contractual civil liability enforcement complaint against the government by the company.
The company’s 25-billion-pataca claim included various kinds of damages and loss of expected profits as well as one pataca for “immaterial damages”.
According to the TUI statement, the appellant requested the Court of Second Instance on 11 September to withdraw its appeal. The Public Prosecutions Office (MP), which represented the Macao Special Administrative Region (MSAR) in the case, did not oppose the discontinuation of the appeal. The court’s decision to accept the appeal’s withdrawal has meanwhile become legally binding.