KINNARA CEO Caught Lying to Investors Over Marina Bay City Buyout

An investigative report based on WhatsApp records, media releases, and internal approvals

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In a dramatic and highly consequential reversal, KINNARA, the Asian real estate platform, is facing mounting scrutiny after its CEO Adrian Campbell publicly claimed that a buyout media release relating to Marina Bay City was “fabricated”.

That claim, made this week in a WhatsApp investor group, directly contradicts a substantial body of written evidence — including WhatsApp messages showing Campbell personally reviewed, edited, and approved both:

1.KINNARA’s own buyout press release, and

2.The corresponding Lux Projects Bali buyout announcement,

before both were formally released in early November.

This article lays out the timeline, the evidence, and the core contradictions now confronting investors.

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Marina Bay City is a large-scale master-planned coastal development in Lombok. In late 2025, ownership and control of the project shifted following a buyout agreement between KINNARA and Lux Projects Bali.

The buyout resulted in Lux Projects Bali acquiring 100% controlling interest in Marina Bay City, with KINNARA exiting its ownership position.

At the time, this was publicly communicated and mutually confirmed.

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1. November 4, 2025 — Lux Projects Bali Media Release

Event:

Lux Projects Bali issues a formal media release announcing it has acquired full control of Marina Bay City, following the buyout of its former partner, KINNARA.

Evidence Reference – Exhibit A

•WhatsApp messages show Adrian Campbell reviewing and critiquing the Lux release prior to publication.

•He provides feedback on wording and structure and gives approval to proceed.

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2. November 5, 2025 — KINNARA Media Release

Event:

KINNARA releases its own official press statement on KINNARA letterhead, confirming the buyout and Lux’s controlling interest.

Evidence Reference – Exhibit B

•Screenshots show Campbell approving KINNARA’s press release, confirming it can be published.

•The release is circulated to investors and later hosted publicly, including via MarinaBay.city.

At this point, both parties are aligned. No dispute is raised.

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3. November–December 2025 — Investor Communications

Event:

The buyout is referenced repeatedly in investor discussions as a completed transaction. No correction, retraction, or allegation of fabrication is made by KINNARA.

Evidence Reference – Exhibit C

•WhatsApp investor updates referencing transition, ownership, and next steps.

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4. December 2025 — The Sudden Denial

Event:

In a WhatsApp investor thread, an investor asks:

“Weren’t you bought out months ago?”

Adrian Campbell responds by claiming:

•The buyout media release was “fabricated”

•The announcement was not legitimate

This statement is made while seeking investor support.

Evidence Reference – Exhibit D

•Screenshot of the investor thread where the denial is made.

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Campbell’s denial presents a fundamental problem:

•A media release cannot be “fabricated” if it was drafted, reviewed, edited, and approved by the CEO himself.

•The same individual now denying the buyout is on record approving both sides of the announcement.

This is not a matter of interpretation — it is documented in writing.

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The implications are serious:

•Credibility: Investors rely on truthful disclosures. Contradictory statements undermine trust.

•Market Integrity: Claiming an approved release is fake raises concerns about investor manipulation.

•Intent: The timing of the denial — coinciding with an attempt to rally investor support — raises questions about motive.

•Exposure: Investors may have made decisions based on representations now being disowned.

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1.If the buyout was “fabricated,” why was it issued on KINNARA letterhead?

2.Why did Adrian Campbell approve both releases in writing?

3.Why was no objection raised at the time of publication?

4.Why deny the buyout months later, only after control had passed?

5.Which version are investors meant to believe — the written approvals or the new denial?

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The evidence paints a clear picture:

•The buyout was publicly announced

•It was approved by both parties

•It was confirmed by KINNARA itself

•And it is now being retroactively denied, despite written proof to the contrary

For investors, the issue is no longer whether a buyout occurred — but why a CEO would deny documented facts, and what that means for transparency, governance, and trust going forward.

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•Exhibit A: Campbell approving and editing Lux Projects Bali media release

•Exhibit B: Campbell approving KINNARA press release (Nov 5, 2025)

•Exhibit C: Investor update threads referencing completed buyout

•Exhibit D: Investor thread where Campbell claims release was “fabricated”