Rich Capital gets legal demand from partner over Batam project

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.