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'Shenzhen of Indonesia' back on track after Lippo exec's bribery case conviction

John Riady, newly appointed CEO of PT Lippo Karawaci Tbk., was cited by Bloomberg News as saying that the 278 trillion-rupiah development in Meikarta, Indonesia, will be completed ahead of its deadline following the conviction of a Lippo Group official who was found guilty in a bribery case related to the project.

The Indonesian property company, which indirectly owns the majority of the 22-square-kilometer project in Meikarta's Bekasi-Cikarang district, also recently put in place a US$1.01 billion funding program to address financing concerns for the project, and as part of its comprehensive strategic transformation plan. The program comprises a US$730 million rights issuance and a US$280 million divestment of assets.

Riady noted during an interview that he does not think "people should expect more hiccups" in the development because of the funding program.

Uncertainties surrounded the project in 2018 following the Indonesian anti-corruption agency's arrest of Lippo Group executives and government officials involved in an alleged bribery scheme related to the development, Lippo Group's largest undertaking in 68 years, according to the March 13 report.

The industrial center development, dubbed the "Shenzhen of Indonesia," will be developed by the company in partnership with Mitsubishi Corp., Toyota Motor Corp. and Sanko Soflan Holdings Co. Ltd., Bloomberg added.

As of March 12, US$1 was equivalent to 14,219.00 Indonesian rupiah.