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Ahliea Insurance Group clarifies its status regarding the issued verdict about its ownership of a land

2012-01-09

In response to the request of Palestine capital market authority and Palestine stock exchange to the Ahliea Insurance Group, which in turn demanded to clarify what was published in the media regarding the prosecutorial decision in Ramallah; to revoke and dissolute the land registration documents and the credentials and all the contracts resulting from it, and to re-register the piece of land that is located in AL-Ersal – an area of  six-donums - and currently registered on behalf of the Ahliea Insurance Group to the treasury of Palestine National Authority - the original proprietor of the land – and to write off any transactions that are  incompatible with it. In its formal response, Ahlia insurance group confirmed that the issued verdict from the court of first instance is non- final, and it has the right for appeal and cassation. The company also confirmed in the disclosure, the reliability of its legal ownership of the land in accordance to registration documents that is issued by the competent land registration service. The company pointed out that it had paid $1.52 million to the Palestinian commercial services company PCSC-a company the is owned by  Palestine Investment Fund-  representing the actual price if not more in the year 1999. In its formal disclosure, the company noted that this issued verdict – that maybe revoked- will give the company the right to request compensation, as to give it the right to return to the PCSC and Palestine Investment Fund which are fully owned by PNA.