In a public notice issued on Thursday, NASCO claimed that the lower court’s decision is not final and advised residents, investors, and stakeholders to dismiss any notion that ownership of the land is conclusively determined.
The statement came in response to media reports on the judgment, which declared the government’s acquisition invalid and awarded damages to the claimants.
NASCO assured residents, tenants, businesses, Free Trade Zone operators, financial institutions, and investors within NASCO Town that it will take all lawful measures to safeguard existing developments and the subject matter of the appeal until the appellate court issues a ruling.
The company also warned potential buyers, developers, estate agents, surveyors, banks, and other investors against purchasing, leasing, developing, or dealing with any part of the 292.428 hectares.
It stressed that transactions with parties other than NASCO carry risks and depend on the outcome of the appeal.
To defend its claim, NASCO cited titles based on Federal Government documents, including Notice No. 1138 published in Official Gazette No. 44, Vol. 64, dated September 8, 1977, and Notice No. 1130 published in Official Gazette No. 44, Vol. 63, dated September 2, 1976.
The company urged the public to verify official records and seek independent legal advice before acting on competing claims.
NASCO highlighted that its appeal involves major legal issues, including government acquisition, limitation of actions, public purpose, possession, compensation, expropriation, and the legal validity of its long-standing title and development efforts.
It noted that the property is fully developed, with residential estates, road infrastructure, Free Trade Zone operations, enterprises, transit harbour facilities, workers, and third-party investments.
NASCO warned that speculative activity before the appeal’s resolution could harm investor confidence, disrupt industrial activities, and adversely affect residents, businesses, lenders, and other stakeholders.
Describing the case as of broader public significance, the company stated the Court of Appeal will address questions related to legal certainty, industrial growth, and investor trust in transactions based on Federal Government records.
It reaffirmed its dedication to pursuing the case through the judiciary while respecting court authority and committed to protecting legitimate investments within NASCO Town, a hub for residential, industrial, logistics, and Free Trade Zone development.
NASCO further pointed out that the ongoing litigation has delayed planned projects in infrastructure, employment, education, healthcare, and emergency services, but assured it will continue to operate lawfully and safeguard stakeholders’ interests until the appeal is finally decided.
