The future of Lippo group’s most ambitious project was in limbo last year after Indonesian anti-corruption agency arrested company executives and several government officials in a bribery probe related to approvals for the township. A court last week sentenced Lippo Group executive Billy Sindoro to three-and-a-half years in prison and fined him 100 million rupiah ($9,496) for bribing officials, while three other Lippo employees were found guilty, CNN Indonesia reported.
SINGAPORE (Mar 13): Indonesia’s Lippo Group sees no “more hiccups” in its flagship US$18 billion ($24.4 billion) township project near Jakarta as a new fundraising plan helps alleviate liquidity concerns.
The Meikarta project, touted as the “Shenzhen of Indonesia” and backed by the Riady family, will be completed before its deadline, said John Riady (main image), the newly appointed chief executive officer of PT Lippo Karawaci. A US$1 billion fundraising plan by Lippo Karawaci, which indirectly owns the majority of the project, will address the funding issues, he said.
