Lippo Group

Lack of fire escape foils Lippo Tower stake sale

PUBLISHED : Wednesday, 03 February, 1999, 12:00am
UPDATED : Wednesday, 03 February, 1999, 12:00am

A proposed sale of a $40.6 million stake in Lippo Tower was thwarted after the seller failed to provide an adequate means of escape from the building. Mexon Holdings intended to buy a share in Lippo Tower in May 1997, with the exclusive right to use a room on the 33rd floor. The purchase price was to be $40.6 million, and Mexon paid a deposit of $8.1 million to Silver Bay International.