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olitically wired PT Media Nusantara Citra (MNC), also known as the MNC Group, has reaffirmed that it will defend its ownership of MNC TV despite a Supreme Court ruling that the station must be returned to Siti Hardijanti '€œTutut'€ Rukmana, the daughter of former president Soeharto.

MNC, which is controlled by tycoon and Hanura Party vice-presidential hopeful Hary Tanoesoedibjo, currently holds a 75 percent stake in the television station.

The station was previously operated by PT Citra Televisi Pendidikan Indonesia (CTPI) owned by Tutut.

In the Supreme Court'€™s decision issued last year, it was found that Tutut was the rightful owner of a 75 percent share of MNC TV '€” overturning a lower court verdict that had named the company PT Berkah Karya Bersama as the primary stakeholder.

MNC lawyer Hotman Paris said on Friday that the group had no obligation to give its 75 percent stake in MNC TV to Tutut because the Supreme Court'€™s ruling did not amend MNC'€™s share ownership, officially endorsed by the Law and Human Rights Ministry and the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), which is now the Financial Services Authority (OJK).

 '€œIn addition, the ruling was clearly addressed to PT Berkah Karya Bersama, not to MNC,'€ he said, adding that Berkah was not affiliated to MNC.

Berkah'€™s lawyer Andi Simangunsong said previously that Tutut did not retain the right to control the station as Berkah had sold its shares to MNC.

He explained that Berkah took over Tutut'€™s stake in MNC TV, previously named TPI, in 2005 through a debt-to-equity conversion before the firm eventually sold its stake to MNC.

MNC finance director Djarot Suwahjo said on Friday that his firm had legally acquired the 75 percent stake in TPI, with a total value of Rp 565.39 billion (US$49.5 million) at that time.

'€œNot only do we own the stake, we are also the current operator and manager of the station. In addition none of our shareholders has filed a protest against our ownership,'€ he said.

Djarot revealed that if MNC relinquished its ownership of MNC TV, the firm would lose 8 percent of its total assets, down to Rp 8.8 trillion from the current Rp 9.6 trillion.

Net income would also drop by 20.9 percent to Rp 1.34 trillion from Rp 1.69 trillion, he added.

'€œHowever that'€™s not an option. We will defend our ownership rights,'€ Djarot said.

Contacted separately, Tutut'€™s lawyer, Dedy Kurniadi, said that MNC'€™s ownership of MNC TV was invalid and that the Supreme Court had issued a declaratory decision stating that the station was rightfully owned by Tutut.

'€œWe have started work now in one of our assets in Taman Mini, East Jakarta,'€ he said, adding that several executives of CTPI had legal certificates verifying the company'€™s ownership of TPI, which is now MNC TV.

The dispute between MNC and Tutut originated when the latter accused Hary of swindling her out of shares in CTPI in 2005, reducing her stake to only 25 percent of the company'€™s total shares.