Kinnara Asia and the Offshore Corporate Structure Targeting Australian Investors
Kinnara Asia, also operating under the names Kinnara Capital and Kinnara Limited, represents an offshore investment structure that has marketed property development opportunities to Australian retail investors. With operations based in Thailand and a corporate registration in Hong Kong, the Kinnara entities occupy a jurisdictional space that presents particular challenges for regulatory oversight and investor protection.
The Corporate Structure
Company registry filings show Kinnara Limited was incorporated in Hong Kong. The operational base, however, has been in Thailand, where CEO Adrian James Campbell has been resident. This layered arrangement — a Hong Kong-registered entity, a Thailand-based operational hub, and a marketing effort directed at Australian consumers — creates multiple layers between the investor and the underlying asset.
The property projects associated with Kinnara include the Saraya Lombok development in Indonesia and interests connected to Marina Bay City, a residential development in Bali. Both projects have been the subject of extensive media scrutiny and investor complaints.
The Regulatory Gap
When an Australian-based entity markets investment opportunities to Australian consumers, it falls squarely within the jurisdiction of Australian regulators including ASIC and the ACCC. However, when an offshore entity markets to Australians from outside the country, the regulatory picture becomes significantly more complex.
ASIC's enforcement reach has practical limits when the entity and its principals are domiciled in jurisdictions that do not have reciprocal enforcement arrangements with Australia, or where the cost and complexity of cross-border legal action makes enforcement impractical for individual investors.
Delivery Failures
Investigative reporting by the Jakarta Financial Times has documented specific delivery failures associated with Kinnara's projects. In one notable example, Kinnara had promised investors that a villa would be completed within four months. An on-site inspection six months later revealed the property remained an empty construction shell with no evidence of imminent completion.
Questions have also been raised about the continued sale of Saraya properties even as serious questions mounted over the project's future. The Jakarta Financial Times asked publicly why Kinnara continued to market and sell properties in circumstances where the project's viability appeared uncertain.
Who Carries the Risk
In any cross-border property investment scheme, the risk is overwhelmingly borne by the retail investor. Enforcing an Australian court judgment against an offshore entity is slow, costly, and frequently futile. Even where a judgment is obtained, the practical obstacles to recovery — tracing assets, obtaining local court recognition, navigating foreign legal systems — can render the judgment effectively unenforceable.
The Federal Court proceedings in Campbell v McIntyre (No 2) [2026] FCA 1279 brought further scrutiny to the Kinnara structure. Justice Derrington's findings, combined with the revelation that Campbell had three separate sets of criminal convictions in Australia, have raised fundamental questions about the suitability of Kinnara's management to handle investor funds.
Australian investors who have been approached by or invested in Kinnara-related projects are encouraged to seek independent legal advice and to report concerns to ASIC, the ACCC, and relevant state police fraud squads.