Indonesia Building 1 Threatened by Surya Paloh-China Sonangol Chaos

Jakarta, CNN Indonesia

Project The construction of the Indonesia 1 Building is threatened with stalling due to the chaos that occurred within PT China Sonangol Media Investment (CMSI).

CMSI is a joint venture company founded by China Sonangol Land and Surya Paloh’s Media Group. Meanwhile, the Indonesia 1 Building project itself is located on Jl MH Thamrin.

Media Group CEO Mohammad Mirdal Akib explained that a subsidiary of China Sonangol Group (CS), namely China Sonangol Real Estate Pte Ltd (CSRE) is a foreign investor who is the majority shareholder.

CSRE is suspected of reneging on a cooperation agreement with a local investor, namely PT Media Property Indonesia (MPI). It is known, MPI is a subsidiary of Media Group.

According to Mirdal, CSRE had previously agreed to cooperate with MPI to give birth to CSMI to carry out the Indonesia Building 1 construction project.

“The laying of the first stone for the construction of the building which is expected to become a symbol of the new Indonesia was carried out by President Joko Widodo (Jokowi) in early January 2015,” said Mirdal in an official statement, quoted Tuesday (10/8).

In the initial commitment, MPI has a 30 percent stake in the Indonesia Building 1 construction project, while the rest is held by CSRE.

[Gambas:Video CNN]

Mirdal said the project must be started immediately when all administration has not been legalized. Then, an agreement emerged that CMSI would hold a general meeting of shareholders (GMS).

However, the owners of CMSI changed the deal halfway. From here the Indonesia 1 Building project began to be disrupted.

“Then lower the commitment to 10 percent. We are also still waiting, if there is a change like that, there must be a GMS, notification to us as shareholders,” explained Mirdal.

As a result, MPI’s share of ownership is unclear until now. For this reason, the completion of the Indonesia Building 1 project has been hampered.

CSMI’s new leadership, said Mirdal, only acknowledged MPI’s share ownership of 1 percent. Even so, MPI remains consistent in completing the Indonesia Building 1 construction project.

“Because MPI has hope to make the building a new icon of Indonesia, especially DKI Jakarta in the future,” said Mirdal.

However, he claimed that the construction of Gedung Indonesia 1 would be threatened because MPI’s shares were only recognized by 1 percent by the new leadership of CSMI.

In addition, Media Group alleges CSRE transferred CSMI shares to another party. MPI also felt abandoned and played by CSRE.

“Of course this should not happen to other local investors in this country. CSRE business ethics doing business in Indonesia is very dangerous, so it could threaten the business continuity of local investors,” explained Mirdal.

Mirdal said his party had reported allegations of fraud and investment embezzlement.

Director of PT Media Property Indonesia Dewi Kusuma Ayu added that this case has been handled by the police. Actions against the law can be seen from MPI’s omission in the China Sonangol corporate action process related to Gedung Indonesia 1 and the unclear status of the share portion.

“We hope that every party who intends to take corporate actions related to Indonesia 1 must involve all existing shareholders,” concluded Dewi.

(aud / agt)



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