Why Is Kinnara Denying a Buyout It Publicly Confirmed?
Serious questions are now being raised about Kinnara’s conduct following its buyout from the Marina Bay City project, after the company began denying the existence of that buyout only months after publicly confirming it.
In early November, two separate media releases clearly stated that Kinnara had been bought out of Marina Bay City:
•A 5 November media release issued on Kinnara letterhead, stating that Kinnara was no longer involved in the Marina Bay City project following a buyout.
•A 4 November press release issued by Lux Properties, the development company that acquired a 100% stake in Marina Bay City, which Lux states was approved by Kinnara prior to publication.
Both statements remain publicly accessible, including via marinabay.city, and appear to leave little ambiguity that a buyout had occurred.
Yet today, Kinnara is denying that any such buyout exists.
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A Reversal That Defies the Public Record
The reversal has confused investors and industry observers alike.
According to Lux Properties, the buyout involved millions of Australian dollars, with the total figure reportedly reaching up to AUD $5.5 million, subject to performance-based components. Lux maintains that substantial funds were paid to Kinnara pursuant to this agreement.
This has led to an unavoidable question:
How can a company publicly confirm a buyout, accept millions of dollars under that arrangement, and then later claim the buyout never happened?
Lux argues that this contradiction alone raises serious concerns about Kinnara’s intentions and credibility.
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Digital Assets Withheld After Repeated Assurances
One of the central disputes involves digital assets that Kinnara allegedly agreed to transfer as part of the buyout.
Lux states that:
•Kinnara repeatedly promised to hand over agreed digital assets
•Those assets were never delivered
•Requests and deadlines were repeatedly ignored
It is now alleged that Kinnara’s refusal to hand over these assets is deliberate.
Kinnara is believed to still control marinabaycity.com, a website Lux says is not an official Marina Bay City platform, yet is being used to:
•Publish misleading or false information about the project
•Create confusion about ownership and control
•Capture investor and buyer inquiries that may then be redirected into unrelated Kinnara-linked offerings
If accurate, critics argue this conduct would go well beyond a contractual dispute and into deliberate misrepresentation.
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Allegations of Bad Faith From the Outset
Lux Properties now believes the buyout was never entered into in good faith by Kinnara.
According to Lux:
•The buyout negotiations proceeded while Kinnara allegedly had no genuine intention of exiting
•Buyout funds were accepted while Kinnara continued pursuing Marina Bay City-related assets
•Attempts were allegedly made to acquire land and interests under negotiation by Marina Bay City prior to the buyout
•Once funds were received, Kinnara began denying the buyout altogether
From Lux’s perspective, the only explanation that aligns with Kinnara’s actions is that the buyout was used as a strategic maneuver — not to exit the project, but to extract capital while positioning to regain control.
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Claims of Coercion and Escalation
Lux’s founder further alleges that the buyout agreement was entered into under extreme pressure, including threats that unless a multi-million-dollar buyout was agreed, he would face imprisonment or exclusion from Indonesia.
Lux claims that:
•These threats were used to force acceptance of the buyout
•After receiving buyout funds, Kinnara allegedly escalated matters rather than disengaging
•Attempts were allegedly made to trigger police or regulatory action against Lux’s founder despite the completed buyout
Lux strongly denies any wrongdoing and describes these alleged actions as part of a broader attempt to destabilize the project and remove its rightful owner.
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A Pattern That Raises Alarms
Viewed individually, each of these issues might be explained away. Viewed together, critics argue they form a disturbing pattern:
•Public confirmation of a buyout
•Acceptance of millions of dollars
•Refusal to hand over agreed assets
•Continued use of project branding
•Denial of the buyout after the fact
Lux maintains that these actions are inconsistent with an honest commercial exit and instead suggest a coordinated effort to retain leverage, control narrative, and ultimately seize the project.
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Conclusion: The Central Question Remains
At the heart of the dispute lies a simple but critical question:
If Kinnara was not bought out, why did it publicly say it was — and why did it accept millions of dollars under that agreement?
Until Kinnara reconciles its current position with its own public statements and conduct, Lux says investors and the public are entitled to remain skeptical.
Marina Bay City’s owners have reiterated that Lux Properties is the sole legitimate developer and controller of the project, and that any claims to the contrary are false and misleading.
