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Originally Posted by nono1973
This is just for laugh, nothing really important and i doubt anyone would be insane enough to pay such super high pricing just to go to Batam for a night or 2.
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another thg u can laughin @ nw...Oxley convention,tryin sell same & higher price as like formosa residence....lol
oktober news..
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A JOINT-VENTURE vehicle linked to Rich Capital has received a notice of termination from the main contractor of its Oxley Convention City project in Batam, Indonesia.
In the notice received by Oxley Karya Indo Batam (OKIB) on Oct 23, the contractor Rich-Link Konstruksi (RLK) said that given OKIB's continued breaches, RLK intends to exercise its right to terminate the main contract and reserves all its rights against OKIB for losses suffered as a result of the breaches.
It added that it will proceed to remove the equipment, materials and plant as well as demobilise site security within three days, Rich Capital reported in its bourse filing on Saturday.
OKIB is a 50-50 joint venture between OBPL, an indirect subsidiary of Rich Capital, and an Indonesian partner, Karya Indo Batam (KIB). The contractor RLK is a joint operation between Rich-Link Construction (RLC), Rich Capital's associate company, and Indonesian firm Alva Lambuan.
In a letter dated Oct 24, OKIB responded that it refutes all of RLK's allegations and denies that RLK is entitled to terminate the construction contract. OKIB also reserves its rights with regard to RLK's wrongful termination and abandonment of works under the contract.
The notice comes about a month after OKIB received a notice of default from RLK, alleging that OKIB had breached contract terms by not making payments for the project despite having certified progress payments of 32.7 billion rupiah (S$3.2 million). RLK demanded that OKIB rectify the alleged defaults within three days from the date of the letter, or RLK would suspend or terminate the construction contract.
At the time, OKIB responded that it was not in breach of the contract and had withheld payment due to RLK's alleged failure to post a performance bond.
Rich Capital said it will update shareholders if there are any material developments on the situation. The company's shares have been voluntarily suspended since June 27. They last traded at 0.3 Singapore cent on June 21.
https://www.businesstimes.com.sg/com...actor-in-batam
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Notvenber news....lol
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A JOINT-VENTURE vehicle linked to Rich Capital is being sued by the main contractor of its Oxley Convention City project in Batam, Indonesia.
The contractor, Rich-Link Konstruksi (RLK), commenced a lawsuit against Oxley Karya Indo Batam (OKIB), Indonesian joint venture partner Karya Indo Batam (KIB) and BPN Kota Batam in the Batam District Court on Oct 29, Rich Capital said on Monday night.
Among the remedies sought in the suit, RLK has demanded that OKIB and KIB not carry out any construction works on the project land, pending a final decision by the Court.
RLK also wants OKIB to pay it a claim of 268,776,470,683 rupiah (S$26 million) in cash immediately for losses due to non-performance of OKIB’s payment obligations to RLK as well as for business disruption and reputational loss.
OKIB is currently seeking Indonesian legal advice with a view to vigorously resisting and/or defending the RLK suit, as well as pursuing any counterclaim against RLK, Rich Capital said.
https://www.businesstimes.com.sg/com...actor-in-batam
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nw is dickcember news....lol
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WED, DEC 04, 2019 - 8:48 AM
RICH Capital on Tuesday said a non-binding term sheet signed with its subsidiaries and Indonesian joint venture partner, Karya Indo Batam among other parties, has lapsed with no definitive agreements entered into as at the expiry of the execution period. The execution period was previously extended to Nov 30.
The term sheet was for the sale of a 30 per cent shareholding interest in Oxley Karya Indo Batam, a joint venture vehicle linked to Rich Capital.
Accordingly, the parties' respective obligations and liabilities under the term sheet have ceased, save for a customary clause on confidentiality which survives the expiry of the execution period, the company said.
It added that the lapse of the term sheet is not expected to have any material impact on the consolidated net tangible assets or earnings per share of group for the current financial year ending March 31, 2020.
Shares in Rich Capital have been suspended since June.
https://www.businesstimes.com.sg/com...partner-lapses
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nw is waiting 2020 wich mth tis project wil up lorry...or if project tio delay until when. Hope their buyers got buy insurance.
i walk ard btm, aso no more need Oxley promoters trying sell their apartment liao....lol....will see will see...
still yr recommendation beter....lol