JAKARTA, INDONESIA – (ACN Newswire) – Well known Asian real estate investment firm, Phoenix Property Investors, is reported to have allegedly been involved in a land ownership certificate embezzlement worth 360 billion Rupiah (US$25 million).
PT Bintang Mahameru filed a complaint towards the firm for withholding the power of attorney covering an area of 11,499 m2 which was made as unilateral collateral in the case of a dispute with its Indonesian subsidiary.
Attorney for PT Bintang Mahameru, Reza Al Makki, stated that his party reported the embezzlement to the police at Jakarta Metropolitan Police Headquarters on the 16th of January. In the report, PT Bintang Mahameru filed a report against Premium Sun Limited, a subsidiary of Phoenix Property Investors. The legal process is currently underway while waiting for further calls by the police.
“We have indeed reported Premium Sun to the Jakarta Metropolitan Police. We will now see how the police investigation goes,” stated Reza Al Makki, attorney of PT Bintang Mahameru.
Phoenix Property Investors is a Hong Kong-based real estate company established in 2002. Behind Phoenix are names of respected international financial companies acting as investors, such as Schroder Investment Management and Morgan Stanley.
Contact person for more information : Reza Al Makki, rezal.almakki@gmail.com.