Keppel unit rejects Jakarta land ownership claim

The company said it will be moving to dismiss the claimant’s allegations.

PT. Kepland Investama, a subsidiary of Keppel Ltd., has rejected claims made by an individual who is claiming ownership rights over land plots overlapping with the area on which the International Financial Centre Jakarta Tower 2 building complex is situated.

In a bourse filing, Keppel said a civil action has been commenced by Tumpal Hutabarat who is claiming rights over the area measuring approximately 24,500 square metres that overlaps with the land plots where the building complex is located.

“The reliefs sought by the claimant include a declaration that he is the legal owner of the Disputed Land Plots, potential compensation aggregating approximately IDR 2.28t [$186.66M] (based on the total land area indicated in affected land certificates) and a return of any unused Disputed Land Plots,” the company said.

cccc acquired its rights in the land plots on 1 December 2000 and holds the land certificates to these assets.

Meanwhile, the claimant’s claim is premised on his possession of a document known as a “girik” obtained sometime around 1954. Under the Indonesian Agrarian Law, this is not considered proof of land ownership.

Keppel said its subsidiary will be taking out an application to dismiss the claimant’s claim.

$1 = IDR 12,217.60

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