Civil Court orders freeze on Kanbalifaru transactions

Civil Court has ordered a freeze on all transactions related to Sh. Kanbalifaru – an island leased for resort development.

The Civil Court issued the injunction Thursday in response to a lawsuit filed by Italian investor Franchin Giuseppe against the resort’s current owner – Sarangu Adam Manik.

Giuseppe asked for the injunction claiming after Saarangu Adam Manik was granted power of attorney for Kanbalifaru Development, he misused the power of attorney and transferred ownership of the island to another company.

The court has ordered the Tourism Ministry and Economic Ministry to suspend the transaction until ordered otherwise.

Kanbalifaru is in the process of being collateralized for a loan taken by Sarangu Adam Manik from the State Bank of India (SBI).