Artha Graha`s Investment in Timor Leste Under Threat

en.tempo.co

Friday, 16 October, 2015 | 10:54 WIB

EMPO.CO, Jakarta – The goverment of Timor Leste intends to terminate the agreement with Artha Graha Group (AGG), regarding the realization to construct a 23-story building that has yet started since the contract signing in 2013.

“If its not immediately constructed, we will terminate the contract,” said Timor Leste Agrarian and Land Minister Jamie Zavier told Tempo on Thursday, Oct 15.

Jamie said since the groundbreaking in 2014, the AGG has not started development.  “ We will be issuing a warning to AGG,” said Jamie.

Many domestic and foreign investors, Jamie said, requires land in Timor Leste to start a business.  Therefore, the Timor Leste administration intends to take back lands which had been previously freed for AGG.  “These lands will be given to other companies.”

Plans to take over the land is accordance with the agreement stated in the contract between the Timor Leste government and Artha Graha Group.  “There is one article stating that if the development has not started within 6 months, the government will take over the land,” said Jaime.

Currently, a warning letter has not been given because it must first consult with the Development Minister.  “It is currently in process because we are reviewing the files first,” Jamie said.

FRISKI RIANA

sumber: http://en.tempo.co/read/news/2015/10/16/056710005/Artha-Grahas-Investment-in-Timor-Leste-Under-Threat