The continuation of the construction of the Marina Bay City project in Sekotong, West Lombok, West Nusa Tenggara, is now under serious scrutiny from foreign investors. The project, which is said to be worth IDR 17 trillion and stands on 13 hectares of land, has so far only shown progress in land arrangement and initial foundations.
In the midst of the slow physical development of the project, attention is now focused on the mechanism for collecting investor funds and the role of Adrian James Campbell and Kinnara LTD in the marketing process and receiving payments from abroad.
The attorney for the Commissioner and holder of 50% of shares in PT Marina Bay Investments (MBI), Jamie McIntyre, namely Komang Ari Sumartawan, SH, said that his party discovered that there was an agency agreement between PT Marina Bay Investments and Kinnara LTD, a foreign company.
According to Komang Ari, based on information received by his client, Kinnara LTD is said to have sold the Marina Bay City property to investors abroad, with payments made to Kinnara LTD.
“This raises fundamental questions regarding the mechanism for collecting funds, the flow of payments, as well as the basis for the legal authority used,” said Komang Ari in his statement in Denpasar, Thursday (12/2).
Legally, property trading intermediary activities in Indonesia are principally carried out by legal entities that are subject to Indonesian law. Therefore, the involvement of foreign companies in marketing activities and receiving funds for property projects in Indonesia is an issue that is deemed to require open explanation.
Apart from that, it was stated that there was an agreement between PT Marina Bay Investments, represented by its Director, Christina Natalia, and the investors, which was signed using an electronic signature. The validity, mechanism and compliance of the use of electronic signatures with Indonesian regulations are also deemed to need to be tested and clarified.
What is further highlighted is the fact that investor payments are said to be made through accounts in Australia and take place in Australian territory. This condition raises serious questions regarding fund governance, reporting to the company, as well as compliance with investment regulations and cross-border transactions.
Until now, according to Komang Ari, his client as Commissioner and 50% shareholder of PT Marina Bay Investments admitted that he had not received an official report or transparent details regarding:
The number of investors who have made payments
Total funds raised
Position and management of these funds
Reporting mechanism to the company
In fact, as a Commissioner and shareholder, the right to obtain this information is guaranteed in the principles of good corporate governance.
“Our client has officially requested legal counsel Adrian James Campbell and/or Kinnara LTD to submit payment details that have been received. “This transparency is a moral and corporate obligation, not just a choice,” stressed Komang Ari.
In the company structure, PT Marina Bay Investments is 50% owned each by Azura LTD Base In Hong Kong and PT Marina Bay Group, where Adrian James Campbell is listed as Director.
With this equal ownership structure, the absence of open reports regarding investor funds raises questions regarding the company’s internal management and the role of control by management.
Jamie Mcyntaire is now waiting for an official explanation from Adrian James Campbell and Kinnara LTD regarding:
Legality of the role of foreign company agents in property projects in Indonesia
Legal basis for accepting payments abroad
Transparency of the amount of funds that have been collected
Status and use of these funds
Until this news was published, there had been no official statement providing a detailed explanation of these issues.
The Marina Bay City project, which was previously promoted as a large-scale tourism development in NTB, is now facing serious tests in terms of transparency, accountability and investor confidence.
We wait till Adrian James Campbell in good maners to speak with us, and shorted things together on this matters. We also have reported this to local police in NTB Lombok.
By : Daniel Herry
