LUX Property Files Action to Compel Share Transfer From Kinnara After Buyout of Marina Bay City

LUX Property has commenced legal proceedings against Kinnara, the Asian real-estate platform it bought out of the Marina Bay City project in Lombok months ago, seeking orders to compel the execution of long-overdue share transfers following what LUX says was a fully documented, multi-million-dollar buyout.

According to LUX, Kinnara received millions of dollars under the agreed exit yet has refused to sign over the shares, despite public confirmations by both parties at the time of the transaction. LUX argues the refusal leaves Kinnara exposed to serious legal consequences if the transfers are not completed.

Public buyout confirmations now central to the dispute

LUX points to two contemporaneous press releases as critical evidence: a November 4 announcement by LUX confirming it had acquired Kinnara’s interest in Marina Bay City, followed by a November 5 confirmation issued by Kinnara itself. LUX maintains these releases, combined with board-level actions taken at the time, establish that the buyout was completed in substance and agreed in form.

As part of that exit, Adrian Campbell resigned from the board and from a commissioner role, steps LUX says were expressly tied to the sale of Kinnara’s stake.

Original Source:
https://businessreviewasia.news/lux-property-files-action-to-compel-share-transfer-from-kinnara-after-buyout-of-marina-bay-city/