Rich Capital gets legal demand from partner over Batam project
Karya Indo Batam wants full control of joint venture property development in Batam and S$20 million in compensation
Ng Ren Jye
Singapore
RICH Capital Holdings has received two legal letters from an Indonesian law firm appointed by Karya Indo Batam (KIB) demanding full control of a joint venture property development in Batam and compensation of S$20 million.
KIB had partnered with an indirect subsidiary of Rich Capital, Oxley Batam Pte Ltd, to form an equal joint venture company, Oxley Karya Indo Batam (OKIB), to undertake the integrated Batam project, the Oxley Batam Convention City Project.
TRENDING NOW
Once staunchly pro-China, Malaysian Chinese businesses are now distancing themselves from Beijing
Stocks to watch: HPL, Aims Apac Reit, Zico, Advanced Systems Automation, ComfortDelGro
‘How many will survive?’: Bubble fears arise as China’s humanoid robotics face reality check
Smaller board lots can’t fix a market run by three banks
