Macau | Indonesian Consulate denies advising local investors in contentious real estate investment

Macau (MNA) – The Indonesian Consulate for Hong Kong and Macau has told Macau News Agency (MNA) it has never received a request by Macau investors to confirm if the investment contracts established with local company TH Group Limited concerning a real estate project in Indonesia were valid or not.

According to previous reports by local broadcaster MASTV, around 56 local investors were allegedly convinced some five years ago by TH Group to invest amounts ranging from HK$600,000 (US$76,437) to HK$800,000 in a high – end commercial and residential development on Bintan Island, Indonesia named Indonesia Street City.

The project, initially slated for completion in December, 2015 suffered several delays with some investors anonymously claiming in the report that the Indonesian Consulate in Hong Kong and Macau had scrutinised their contracts and declared them invalid since they were not written in English or Bahasa; and because they had not been authorised by the Indonesian or Macau governments.

The investors claimed that the investment gave them rights to apartments in the future real estate project – property they have still failed to obtain due to te project completion delay – and that they considered that TH Group had scammed them.

Macau Judiciary Police (PJ) told MNA that at least eight investors had filed complaints with regard to this property investment in Indonesia, claiming they have been scammed for a total amount of MOP5.3 million, with the case still under investigation.

TH Group was founded in 2010 in Macau by Indonesian businessman Sunny Sukardi, who also initiated and promoted the Indonesia Street City project, with the company indicating on its website that Onida Lam Sio Leng is its incumbent CEO.

TH Group Limited indicated in a statement that it was considering taking legal action against MASTV and against the investors if they failed to provide a statement from the Consulate or any other evidence that the contracts signed were invalid.

The Indonesian Consulate of Hong Kong and Macau has informed MNA that it has not been consulted by any local investors concerning the contracts with TH Group, and also that the company has not made any request for a response if the contracts were valid or not.

MNA contacted TH Group in regard to the complaints filed with police authorities and if it had already received any documents proving that the contracts were not valid, but no response had been provided by the time this article was published, with Ms. Lam said to not be in Macau at this moment.