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Keppel's Land Dispute Escalates to Indonesian Supreme Court

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Keppel's (SGX:BN4) land dispute in Jakarta was escalated to the Supreme Court of Indonesia after the claimant, Trumpal Hutabarat, filed a cassation appeal, following the South Jakarta District Court's earlier ruling that made his lawsuit over the land underlying IFC Jakarta Tower 2 inadmissible.

The claimant's ownership claim based on a 1954 "girik" document was not recognized as proof of land ownership under Indonesia, Agrarian Law.

The claimant had initially claimed potential compensation of around 2.28 billion Indonesian rupiah.

The company's subsidiary, PT Kepland Investama, has held land certificates for the plot since December 2000, which the court deemed to be the strongest proof of ownership under the country's Agrarian Law.

Meanwhile, the company does not expect the cassation to impact its operations or financial performance, according to a Saturday filing with the Singapore Exchange.

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