Bambang to take over Summa's assets<\/p>\n
JAKARTA (JP): Bank Indonesia, the central bank, confirmed
\nyesterday that President Soeharto's son Bambang Trihatmodjo and
\nJohannes Kotjo have formally proposed to take over the remaining
\nassets of the dissolved Bank Summa.<\/p>\n
The central bank said that negotiations on the proposed
\npurchase of the assets by Bambang and his partner are still
\nunderway.<\/p>\n
Bank Indonesia and the liquidation team of Bank Summa are
\nstill assessing the proposal, the central bank said in statement.
\nIt did not disclose details of the takeover plan, however.<\/p>\n
A thorough assessment on the takeover proposal is needed so
\nthat the offer will not create new problems, the statement said.<\/p>\n
Bank Summa, formerly owned by William Soerjadjaja, was
\nsuspended in 1992 for its failure to meet financial obligations.
\nLarge parts of the bank's assets had been sold to repay
\ndepositors' money. But the bank's debts to the central bank and
\nother local financial institutions, amounting to around Rp 605
\nbillion (US$275 million) remain unpaid.<\/p>\n
The central bank did not explain the latest value of Bank
\nSumma's remaining assets but analysts put it at around Rp 950
\nbillion, mostly in the form of loans.<\/p>\n
A number of local businessmen earlier proposed to buy the
\nbank's remaining assets, including a large housing complex in
\nSurabaya, East Java, and a number of properties as well as a
\nmodern hospital in Jakarta.<\/p>\n
One of the takeover bids was made by Bambang's sister Siti
\nHardiyanti Rukmana in 1994 but she later withdrew her offer for
\nundisclosed reasons.<\/p>\n
Bambang said on Wednesday that he and his partner are ready to
\ntake over both the assets and liabilities of Bank Summa, which is
\nnow in the process of liquidation.<\/p>\n
\"We are only waiting for the central bank's approval,\" he was
\nquoted by Merdeka daily as saying. He added that all matters
\nregarding the valuation of the bank's assets and liability had
\nbeen settled. (hen)<\/p>",
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