Jakarta –
The construction of the Indonesia 1 Building which is located on Jalan MH Thamrin, Central Jakarta will continue. The decision to continue the development came after PT Media Properti Indonesia (MPI), which is part of Surya Paloh’s Media Group, acquired the project from PT China Sonangol Media Investment (CMSI).
The journey of the 303-meter-high project itself is full of complicated twists and turns. In fact, it was in danger of stalling.
As summarized detik.com, the groundbreaking of this building itself was carried out in 2015. This project was inaugurated directly by President Joko Widodo (Jokowi).
Several years have passed, this project has not been completed. The reason, there was chaos in the internal CMSI. Just so you know, CMSI is a joint venture between China Sonangol Group through its subsidiary China Sonangol Real Estate Pte Ltd (CSRE) and Media Group through MPI. CSRE is the majority shareholder in CMSI and the minority MPI.
According to information from the Media Group, CSRE is suspected of reneging on a cooperation agreement with a local investor, namely MPI, which is a subsidiary of the Media Group. In fact, CSRE had previously agreed to carry out continuous cooperation with MPI, thus giving birth to CSMI to carry out the Indonesia Building 1 construction project.
Media Group CEO Mohammad Mirdal Akib at that time explained that MPI had a 30% stake in the initial commitment. While the rest belongs to CSRE. The project must run, even though everything related to initial administration and so on has not been legalized. Then an agreement emerged that the next general meeting of shareholders (GMS) would be held.
However, as the development process progressed, the owner of CSMI changed. This is where it all starts to hang. The spirit of friendship that was built from the start was completely ignored by the new management of CSMI.
“Then lower the commitment to 10%. We are also still waiting, if there is a change like that, there must be a GMS, notification to us as shareholders,” explained Mirdal in a written statement on August 10, 2021 ago.
Mirdal added, due to the chaos experienced by CSMI, MPI’s share ownership became unclear. Therefore, MPI’s interest in being able to immediately complete the Indonesia 1 Building construction project has been hampered.
He also added that the new leadership of CSMI only acknowledged MPI’s share ownership in CSMI of 1%. Even though his party feels that from the beginning of planning to the development process, MPI’s role as a local investor has always been at the forefront.
He suspects that CSRE is suspected of transferring CSMI’s shares to another party which is carried out unilaterally. According to him, the business ethics of CSRE doing business in Indonesia is very dangerous, so it could threaten the business continuity of local investors.
The Indonesia 1 Building construction project experienced a split. The Media Group then reported CMSI to Polda Metro Jaya on suspicion of fraud and investment embezzlement.
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