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Lynas sued in Malaysia, share price on watch

The Lynas Corporation Ltd (ASX: LYC) share price will be on watch on Monday after three individuals in Malaysia commenced legal action against the company’s Malaysian subsidiary. 

Lynas isn’t the only one being sued. The other people being sued are the Prime Minister of Malaysia, 27 other Ministers and Cabinet members, the Government of Malaysia and the Atomic Energy Licensing Board. 

The grounds of the legal proceedings set out in the documents relate to the processes followed by the Malaysian Government in reaching the August 2019 decision to renew Lynas Malaysia’s full operating licence. 

Lynas looked to allay investor concerns by saying that it has confidence in the Malaysian judicial system and that these individuals (and persons believed to be associated with them) have lodged several previous court challenges, all of which have been dismissed.

The company said that Lynas Malaysia has been the subject of four independent scientific reviews including two reviews by the International Atomic Energy (IAEA) and a report by the current Pakatan Harapan Government’s independent scientific committee that was released on 4 December 2018. All of the reviews have found that Lynas Malaysia is low risk and compliant with the laws and regulations in effect in Malaysia. The 2015 IAEA Report stated that “the fears demonstrated by those who oppose the continuation of the operations did not find any support on scientific evidence.”

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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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