Singapore: Singapore’s BH Global Marine’s plans to expand on the island of Batam in nearby Indonesia has been scuppered. The company had entered into a deal with local authorities to buy a plot of land on the island. However, it has since learnt that the land in question has been allocated to another party. Despite being offered two alternative sites, BH is now seeking a refund on its deposit paid.
Both the Batam land transaction and the various potential irregular transactions may result in a potential loss of between S$8m to S$10m, BH warned. [11/02/13]