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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