LUX Property Files Action to Compel Share Transfer From Kinnara After Buyout of Marina Bay City
LUX Property has commenced legal proceedings against Kinnara, the Asian real-estate platform it bought out of the Marina Bay City project in Lombok months ago, seeking orders to compel the execution of long-overdue share transfers following what LUX says was a fully documented, multi-million-dollar buyout.
According to LUX, Kinnara received millions of dollars under the agreed exit yet has refused to sign over the shares, despite public confirmations by both parties at the time of the transaction. LUX argues the refusal leaves Kinnara exposed to serious legal consequences if the transfers are not completed.
Public buyout confirmations now central to the dispute
LUX points to two contemporaneous press releases as critical evidence: a November 4 announcement by LUX confirming it had acquired Kinnara’s interest in Marina Bay City, followed by a November 5 confirmation issued by Kinnara itself. LUX maintains these releases, combined with board-level actions taken at the time, establish that the buyout was completed in substance and agreed in form.
As part of that exit, Adrian Campbell resigned from the board and from a commissioner role, steps LUX says were expressly tied to the sale of Kinnara’s stake.
A sudden denial months later
Despite those confirmations, LUX says Kinnara’s CEO later began denying that any buyout occurred, a reversal LUX characterises as “extraordinary” and inconsistent with the documentary record. LUX alleges this attempted rewrite of history coincided with continued marketing activity by Kinnara that implied ongoing involvement in Marina Bay City—an involvement LUX says no longer exists.
Allegations of diverted payments raise investor concerns
Central to the court filing is LUX’s claim that investor payments have been diverted. LUX alleges Kinnara altered contracts so that client funds were paid into Kinnara-controlled bank accounts, even though Kinnara no longer owns, controls, or is authorised to develop any part of Marina Bay City.
LUX warns that investors may be unknowingly paying a party that no longer has legal standing in the project. LUX further states that Kinnara is legally prohibited from developing or acquiring land within Marina Bay City and that any suggestion otherwise is misleading.
“Sign the transfers or explain the money”
In its filing, LUX argues that Kinnara now faces a stark choice:
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Execute the share transfers in line with the buyout it publicly acknowledged, or
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Explain why millions were accepted while refusing to complete the transfer—conduct LUX says could be characterised by the court as abusive process, and, depending on findings, expose Kinnara to allegations relating to embezzlement or fraud.
LUX emphasises that Marina Bay Investments, the project vehicle, is now owned and controlled by LUX following the buyout, and that any continued interference or fund-diversion undermines investor protection and project delivery.
Investor warning
LUX has reiterated a clear warning to buyers: only sign contracts and make payments to LUX or its formally nominated entities, and verify bank details directly with LUX before transferring any funds. Payments made elsewhere, LUX says, risk not being applied to construction and may jeopardise delivery.
What happens next
The matter now moves to the courts, where the validity of the buyout, the refusal to execute share transfers, and the handling of investor funds will be tested against the contemporaneous press releases, corporate actions, and financial records.
For investors and observers, the case is expected to clarify who lawfully controls Marina Bay City, who is authorised to receive funds, and whether Kinnara’s post-exit conduct can be reconciled with the buyout it once publicly confirmed.
Disclaimer
This article reports allegations and positions advanced in legal proceedings. All parties are entitled to respond, and the court’s findings will determine the outcome.
