Indonesian Political, Business & Finance News

Archive: 11 April 1997

59 articles found

Bukaka, Citac form JVC

Bukaka, Citac form JVC JAKARTA (JP): PT Bukaka Bandar Nusa will cooperate with PT Citac Engineering and Trading and Thomson Radar Australia Corporation, a subsidiary of France's Thomson-CSF Airsys, to develop two major air traffic management projects in eastern Indonesia.

Alternative models of development

Alternative models of development By Sediono Tjondronegoro BOGOR (JP): The search for alternative models of development is inseparable from the history of nation-states from the 18th century onwards and the creation social-economic systems known since as liberal democracies. The predominance of the agrarian structure gradually changed from small into subsequently heavier industries to sustain the former. The demand for capital led to the creation of a banking system.

New public phones for South Jakarta

New public phones for South Jakarta JAKARTA (JP): I Nyoman Wiryanata, the head of the South Jakarta telecommunications firm, said the company will improve services by installing alarms to reduce vandalism attempts. Alarms installed to magnetic card phones would alert the central exchange whenever there was a damaged phone, he said. Wiryanata said thousands of the 7,976 public phones installed in South Jakarta had been equipped with alarm devices.

Transportation plan

Transportation plan From Kompas The transportation plan to replace noisy bajaj (motorized three-wheeled vehicles) and ojek (motorbikes) in Jakarta with an electric car to be named molek, carries the approval of Jakarta's citizens. There are many positive aspects to the molek operation. The first to benefit from this change would be the capital's environment; electric cars do not make much noise. Compared with bajaj, their polluting potential is minimal.

Stock Exchange

Stock Exchange Stock prices on the Jakarta Stock Exchange (in rupiah) on April 10, 1997: Shares Close Change Trading Volume -------------------------------------------------------- Ades Alfindo 1,025 0 0 AHAP Insurance 2,675 0 0 Alter Abadi 1,175 0 315,500 Alumindo Light Metal 1,025 0 34,000 Alumindo Perkasa 675 50 11,500 Aneka Kimia Raya 1,150 -50 132,500 Anwar Sierad 825 -25 40,000 Apac Centertex Corp.

PT Mitra Kusala Pertiwi

PT Mitra Kusala Pertiwi Developer PT Mitra Kusala Pertiwi's pre-sale promotion in December 1993 created my interest in acquiring one of the houses on offer at the housing exhibition sponsored by the REI (Indonesian Real Estate Association). The house was to be located at the Pondok Indah Pancoran Mas (Poinmas), Rangkapan Jaya, Pancoran Mas, Depok. On the basis of the purchase agreement dated Dec. 9, 1993 and legalized by Notary Public E.

Cooperative's chief killers hunted

Cooperative's chief killers hunted JAKARTA (JP): Police yesterday were still hunting for four men who shot dead and robbed a cooperative chairman of Rp 11 million (US$4,563) in Bekasi, West Java. Bekasi Police Chief Lt. Col. Alex Bambang Riatmodjo, said police have identified four suspects who shot Sutadi Seno in a rice stall on Tuesday. "We are still investigating the case," Alex said.

New laws on local taxes and levies

New laws on local taxes and levies JAKARTA (JP): The government has to account for most nontax revenue in the annual state budget and local administrations have to abolish several taxes and levies under new laws the House of Representatives passed yesterday. The House unanimously approved bills on local taxes and levies, fees on land and building rights, on tax collection with distress warrants, on tax courts and on nontax state revenue.

Australia deports RI fishermen

Australia deports RI fishermen KUPANG, East Nusa Tenggara: The Australian government has deported at least 38 Indonesian fishermen from January to March this year, an official here said. Luman Hakin, of the provincial social affairs office, said yesterday the fishermen were deported after serving their jail term in Australia. The fishermen were caught by Australian coast guards for illegal fishing, he was quoted by Antara as saying.

'Nepotism against principles of democracy'

'Nepotism against principles of democracy' JAKARTA (JP): The nepotistic national leadership recruitment process should be put to an end because it is against the principles of democracy, a political analyst said yesterday. Cornelis LAY said the recruitment pattern means the political elite often fail to represent the increasingly diverse interests of the Indonesian people. "The nepotism is against the principles of democracy.

Astra retains first slot in RI's 10 top companies

Astra retains first slot in RI's 10 top companies JAKARTA (JP): The Hong Kong-based Far Eastern Economic Review presented awards yesterday to Indonesia's top 10 companies, which were assessed in the magazine's annual leadership survey called Review 200. Nayan Chanda, an editor from the magazine, said at yesterday's award presentation the companies were selected based on their leadership qualities.

Where to go in Surabaya:

Where to go in Surabaya: Music and Entertainment * Elmi Hotel: Jl. Panglima Sudirman No. 42-44: - Qemi Club: Karaoke/Disco, Sunday, 8 p.m. to 11 p.m., Master Band, Monday and Wednesday, 10:30 p.m. to 12:30 a.m., Atlantic Band, Tuesday and Saturday, 10:30 p.m. to 12:30 a.m., Dangdut Group, Thursday, 10:30 p.m. to 12:30 a.m., Heart Beat Band / Hasta Nada Band, Friday, 10:30 p.m. to 12:30 a.m. * The Patra Surabaya Hilton International Jl.

Where to go in Jakarta:

Where to go in Jakarta: Music * Parkroyal Ancol, Jl. Lodan Timur No. 7, Taman Impian Jaya Ancol, North Jakarta: - Jungles Restaurant; Pasar Malam, Keroncong and Kecapi Suling, Friday, 6 p.m. to 10.30 p.m., Dixie Band, Saturday, 6 p.m. to 10.30 p.m., Trio Band, Sunday, 12 p.m. to 3 p.m. - No. 7 Bar; Duet pianist and singer, Sunday-Thursday, Quartet Jazz, Friday, Ikapari Country Band, Saturday. * Ibis Kemayoran, Jl.

Barrick to continue exploration in Indonesia

Barrick to continue exploration in Indonesia JAKARTA (JP): Canada's Barrick Gold Corp will continue to explore in Indonesia regardless of what happens over the controversial Busang gold mine, a company executive said yesterday. Barrick's vice president for communications, Vincent Borg, said nothing had changed his company's activities in Indonesia. "The development in Busang gold mine did not affect our operation in Indonesia.

Indosat to spend $206.4m for new subsidiaries

Indosat to spend $206.4m for new subsidiaries JAKARTA (JP): PT Indosat will spend at least Rp 500 billion (US$206.44 million) this year on four projects, including a multimedia business owned by the Bimantara group, but will sell 86.66 percent of its stake in PT Satelindo. Indosat's president, Tjahjono Soerjodibroto, said after the company's annual shareholders' meeting yesterday that the new investment could rise to Rp 950 billion.

Cultus-led group offered Timor exploration block

Cultus-led group offered Timor exploration block WELLINGTON (Reuter): A consortium including New Zealand's Cultus Petroleum NL has been offered the exploration block AC96-1 in the Timor Sea, Cultus said yesterday. The consortium consists of four companies -- Cultus Timor Sea Limited, Cosmo Oil Co. Limited, Crusader Resources NL and PanCanadian Petroleum Limited, each with a 25 percent share.

The Listening Post

The Listening Post Produced by American Language Center in cooperation with The Jakarta Post and Radio Sonora FM 100.9 Mhz * Christian or Catholic? What a peculiar confusion can arise, when you discuss the officially recognized religions in Indonesia with someone from abroad, simply because of a rare distinction in the local language! I know of no other place in the world where only Protestants are called "Christian," thus implying that Catholics are not followers of Jesus Christ.

Where to go in Bali:

Where to go in Bali: Music and Entertainment * Grand Hyatt Bali, Nusa Dua: Poolside - Pasar Senggol, daily, 6.30 p.m. Kecak Dance, Friday and Tuesday, Legong Dance, Saturday and Wednesday, 7 p.m. Arjuna Wiwaha Dance, Sunday, 7 p.m. Balinese dance parade - Rejang dance, Puspawresti Dance, Belibis Dance & Jaran Teji Dance, Monday, 7 p.m. * Nusa Dua Beach Hotel: Budaya Open Stage - Ramayana ballet, Monday, 7.30 p.m.

Firms given deadline

Firms given deadline JAKARTA (JP): The government has given fishing companies until July 1997 to realize their plans to import fishing boats or it will revoke their purchasing permits or give them to other interested companies. Fisheries director general, F.X. Murdjijo, said yesterday the Ministry of Agriculture had issued permits for several firms to import 320 used fishing boats, and 18 new ones, after a deregulation package last July.

Priest barred from traveling overseas

Priest barred from traveling overseas JAKARTA (JP): Immigration officials yesterday barred Jesuit Catholic priest Ignatius Sandyawan Sumardi, previously cleared of charges of harboring leftist activists wanted by police, from traveling to Perth, Australia for eye surgery. The priest's legal counsel, Luhut M.P. Pangaribuan, said Father Sandyawan was scheduled to undergo surgery today.

Surjadi deserves 2nd term: Speaker

Surjadi deserves 2nd term: Speaker JAKARTA (JP): The City Council Speaker said yesterday Governor Surjadi Soedirdja should be given a second term in office. M.H. Ritonga said the administration would still need a person like Surjadi who was committed, wise and straightforward. "He has succeeded in realizing the city's policies", said Ritonga. A 1974 government regulation says a Governor may serve another term.

Irian tribal chief loses legal battle against Freeport

Irian tribal chief loses legal battle against Freeport JAKARTA (JP): A U.S. district court rejected yesterday a US$6 billion action suit by an Irian tribal chief against PT Freeport Indonesia and Freeport-McMoRan Copper & Gold Inc., charging the American mining giant with environmental and cultural destruction. "This ruling confirms that the lawsuit, filed by a New Orleans attorney on behalf of Tom Beanal had no basis in law," PT Freeport Indonesia said in a statement.

BHP to quit exploration in several countries

BHP to quit exploration in several countries SYDNEY (Reuter): The Broken Hill Pty Co Ltd will quit exploration work in up to a dozen countries including Indonesia, Papua New Guinea and the Philippines. The company also planned to close mineral exploration offices in North America to cut costs and accelerate new projects, The Australian Financial Review newspaper said yesterday.

No delay in construction of Pondok Aren toll road

No delay in construction of Pondok Aren toll road JAKARTA (JP): The Pondok Aren-Serpong toll road will be completed on schedule despite protest over land compensation. Arsal Ismail, a director of the Drassindo Group, a member of a consortium undertaking the 7.2-kilometer segment project, said recently that everything had been running smoothly and there were no constraints in the project.

Prasidha to issue bonus shares

Prasidha to issue bonus shares JAKARTA (JP): Shareholders of the publicly listed PT Prasidha Aneka Niaga (PAN) approved a plan to issue 60 million bonus shares. The company's president, Mansjur Tandiono, said the issue would increase the number of shares to 180 million. "We decided also to split the share's nominal value from Rp 1,000 (41 U.S.

More students to boycott poll

More students to boycott poll YOGYAKARTA: More than one third of students at Yogyakarta's state-run Gadjah Mada University will shun the May 29 general election, according to a survey. Chairman of the university's student senate M. Nurizal said yesterday that the election abstainers could reach 75 percent. Eleven percent of the 500 respondents to the questionnaire said they had not yet registered for polling day and another 28 percent said they were doubtful of their choices.

Budiman walks out of courtroom

Budiman walks out of courtroom JAKARTA (JP): The subversion trial of youth activist Budiman Sudjatmiko continued at the Central Jakarta District Court yesterday without the defendant or his lawyers. Budiman, the leader of the Democratic People's Party (PRD), walked out of the courtroom followed by his team of lawyers about an hour after yesterday's hearing opened. The walkout came after the panel of judges refused Budiman's request to hear the testimony of his witness, a labor expert.

Poll watchdog to sue Ujungpandang police

Poll watchdog to sue Ujungpandang police UJUNGPANDANG (JP): An independent poll watchdog has said it plans to sue Ujungpandang police for banning a training program for its election observers here Monday. Member of the South Sulawesi Independent Election Monitoring Committee (KIPP) presidium, Rudiyanto Asapa, said Wednesday the committee was taking legal action at the Ujungpandang Administrative Court to examine whether a training program required police permission or just a notification.

New statistiscs bill may hurt private researchers

New statistiscs bill may hurt private researchers JAKARTA (JP): An economic advisory group criticized a government-sponsored bill on statistics yesterday saying the bill should not control private researchers. The managing director of the Econit advisory group, Rizal Ramli, said private sector research should not be controlled because the quality and method of research they used was determined by market forces and professional research etiquette.

Rare shark found in Borneo waters

Rare shark found in Borneo waters GENEVA (AFP): A fresh water shark which was believed extinct is alive and swimming off the coast of Borneo, Malaysia, the International Union for the Conservation of Nature and Natural Resources said Wednesday. Until last month, the Borneo River Shark (Glyphis species B) was known only from plates in text-books and a stuffed specimen in a Vienna museum.

Indonesia may produce 11m tons pulp by 2010

Indonesia may produce 11m tons pulp by 2010 RIO DE JANEIRO (Reuter): Indonesian pulp production capacity could reach 11.1 million tons by the year 2010, the chairman of RGM International Corp told an international pulp and paper conference here. No less than 23 pulp production projects are currently on the drawing board and if the majority are completed, capacity could exceed 11 million tons by 2010, Sukanto Tanoto said in a speech to the two-day seminar which ended on Tuesday.

Baseless criticism puzzles people, Soeharto says

Baseless criticism puzzles people, Soeharto says JAKARTA (JP): President Soeharto said political development has nurtured Indonesians' political awareness and allowed them to become more critical, but groundless criticisms only confuse the people. "In principle, a critical attitude is positive so long as it is born out of a sense of responsibility toward the nation. But the fact is we often find baseless criticisms which confuse people," he said.

Yemeni team to complain about bad treatment here

Yemeni team to complain about bad treatment here JAKARTA (JP): Yemen will lodge a complaint with the Indonesian government on the poor treatment that its soccer team has received since arriving here yesterday for a World Cup Asian zone qualifier on April 13. Ali Ahmed Al Ashwal, chairman of the Yemen Sports Federation, told The Jakarta Post yesterday that the team had received a cold reception and poor accommodation.

S. Korean consortium, AIR plan to build 70-seat jets

S. Korean consortium, AIR plan to build 70-seat jets SEOUL (AFP): South Korea has struck a US$1.2 billion deal with the European aircraft consortium AIR, or Aero International (Regional), to jointly build mid-sized passenger jets, officials said yesterday. "The two parties have agreed on the blueprint for the passenger jet project," an official of the ministry of trade, industry and energy told AFP.

Eight killed in Cikampek toll road inferno

Eight killed in Cikampek toll road inferno JAKARTA (JP): Eight passengers were killed and eight others seriously injured yesterday when a speeding 12-seat van burst into flames on the Cikampek toll road, West Java. The fire was extinguished in about 20 minutes and the vehicle did not explode. All passengers, including three children, were going to a wedding in Babakan, in Kuningan, Cirebon. They had left Jakarta from Pancoran, South Jakarta. A two-year-old child was among the dead.

Nuansa Klasika to perform tonight at Gedung Kesenian Jakarta

Nuansa Klasika to perform tonight at Gedung Kesenian Jakarta By Laksmi Pamuntjak-Djohan JAKARTA (JP): The current malaise in Jakarta's classical music world proves that good intentions alone are not enough. Regularity has not been among the scene's redeeming features lately. Shackled by petty infighting, prejudices and the lack of the "right connections", many musicians find the practice of building a reputation is tantamount to a lifetime of longing, not a logical reward for merit.

TV today

TV today TVRI 2:30 p.m News: Lintas Nusantara 2:40 Travel: My Country 2:45 Children's Film 3:10 Children's Program: Tunas 3:35 Talk Show: Sambung Rasa 4:00 Regional News 4:30 Student's Quiz: Cerdas Cermat 5:10 Film 5:30 Music: Paket 27 6:00 News: Lintasan Berita 6:05 Nusantara, The Beloved Country 6:15 Village Program 6:30 TVRI News 7:00 Evening News 7:30 Filler and Trailler 7:35 Development Program: Dinamika 8:00 News: Lintasan Berita 8:05 Music: Kenangan Masa 9:00 World News 9:30 Domestic...

Priok's capacity to be increased

Priok's capacity to be increased JAKARTA (JP): The transportation minister, Haryanto Dhanutirto, said yesterday the government would increase the stocking capacity of the conventional cargo terminal at Tanjung Priok Port in North Jakarta. Haryanto said the government was improving the terminal's facilities to be able to stock 100,000 tons a month, but did not say when the terminal would have this capacity.

RI, Namibia sign deal

RI, Namibia sign deal JAKARTA (JP): Indonesia's Foreign Minister Ali Alatas and his Namibian counterpart Theo-Ben Gurirab signed an economic and technical agreement yesterday to boost bilateral trade. Alatas said the agreement was the first step in cooperation between the two countries and would be followed by more specific agreements.

Car accident puts out Pena

Car accident puts out Pena JAKARTA (JP): America's Frank Pena, who was scheduled to fight the WBF champion Suwito Lagola of Indonesia, has had a car accident with his father and coach Al Pena in Colorado, Denver. Pena is being treated in hospital. Promoter Anthon Sihombing told Antara yesterday that Leroy Owens of Las Vegas, Nevada, would replace Pena in the fight here on April 17 at the Granadha building. Suwito, who won the title last year, will receive US$15,000 cash and Pena will get $8,000.

Stakes rise for Satelindo Open

Stakes rise for Satelindo Open JAKARTA (JP): The prize money at the 1997 Satelindo Indonesia Open has been raised to Rp 700 million (US$275,000) from US$250,000. The tournament will be held at the Jagorawi golf and country club in Bogor from April 24 to April 27. Satelindo, the main sponsor, will also provide $10,000 cash for the winner of a pro-am tournament on April 23.

Inspector general calls for sacking of inefficient staff

Inspector general calls for sacking of inefficient staff JAKARTA (JP): A high ranking official representing the Ministry of Home Affairs called yesterday for unproductive officials to be sacked. The ministry's inspector general, Soedardjat Nataatmadja, also said the city should avoid unnecessary expenditure from its Rp 3.2 trillion (US$1.3 billion) city budget. He said the budget, the highest of all provinces, would be ineffective if managed by unprofessional and inefficient staff.

Air Force to have F-16 flight simulator

Air Force to have F-16 flight simulator JAKARTA (JP): Air Force Chief of Staff Vice Marshal Sutria Tubagus said yesterday the Indonesian Air Force will obtain a F- 16 Fighting Falcon flight simulator for its pilots' training programs. "We will have the simulator installed this year," Sutria told reporters after attending the Air Forces' 51st Anniversary celebrations at the Halim Perdanakusuma Air Force base.

Technology belongs to all nations

Technology belongs to all nations From Republika It is undeniable that technology, including nuclear technology, is part and parcel of the development of humanity. Therefore, the Association of Technology Supporters (Gemapi) fully supports the government's plan to set up a nuclear power plant under the auspices of the National Atomic Energy Agency. We know that many countries in the world -- the U.S., Japan, Russia, France, Britain, Israel and India -- are using nuclear technology.

Discipline

Discipline From Jayakarta The result of the national discipline movement launched in May 1995 has so far been unsatisfactory. This discipline movement seems to be aimed particularly at trivial things such as the failure of a citizen to carry identity cards, crossing the road at the wrong place and other minor offenses. More serious acts have received very little attention.

Australia sees Indonesia as growing beef mart

Australia sees Indonesia as growing beef mart SYDNEY (Reuter): Indonesia was steadily becoming a significant market for Australian beef and strong export growth was set to continue, the Australian Meat and Livestock Corp (AMLC) said yesterday. After five years of strong growth, Australian beef sales to Indonesia in calendar 1997 were projected to rise to 18,000 tons from 16,615 tons in 1996, the AMLC said in its latest Meat and Livestock Review.

Row grows over JSX surveillance

Row grows over JSX surveillance JAKARTA (JP): The capital market supervisory agency (Bapepam) said yesterday that Tuesday's 207 percent surge in Bank Pikko's share price was unrealistic. The head of the agency's corporate assessment bureau, Herwidayatmo, said the rise was engineered and took advantage of the stock exchange's poor trading surveillance. But the Jakarta Stock Exchange's (JSX) president, Cyrill Noerhadi, defended the exchange.

Merpati receives 1st BAe-146 plane

Merpati receives 1st BAe-146 plane JAKARTA (JP): Merpati Nusantara, the subsidiary of national carrier Garuda Indonesia, received the first of 10 BAe-146-100 airplanes yesterday. Merpati's president, Budiarto Subroto, said the new plane was one of 10 BAe-146-100 jets Merpati would lease from Australia's National Jet System. Merpati will get the 10 planes by early 1999.

City to assist low-cost apartment dwellers

City to assist low-cost apartment dwellers JAKARTA (JP): The municipality will help low-cost apartment residents to pay meet their monthly mortgage payments. The head of the City's Housing Agency, Ongky Sukasah, said yesterday the agency had allocated Rp 96 million (US$40,083) to give financial assistance to needy residents in five low-cost apartment buildings in the city. The city hopes the funds will help families start small businesses.

Officer killed in Los Palos

Officer killed in Los Palos DILI, East Timor: Residents in Lautem, Lospalos regency found Tuesday the stabbed body of first private Domingos Pereira on a small road in Laivai village, 200 kilometers east of here. The 39-year-old member of a local military district is survived by his wife and four children. His body was buried at the Fuiloro national heroes cemetery in Lospalos. Deputy chief of the East Timor military command Col.

Latief Pudjosakti dies in Mecca

Latief Pudjosakti dies in Mecca JAKARTA (JP): Latief Pudjosakti, at the center of the protracted leadership conflict within the East Java chapter of the Indonesian Democratic Party (PDI), died in Mecca Wednesday while performing haj pilgrimage. He was 46. He is survived by his wife Kristin Latief, and five children. Secretary of the East Java PDI chapter Trimono, who spoke on behalf of the deceased's relatives, said in Surabaya Latief's body was buried in Mecca yesterday.

Indonesia insists Israel goes back to peace talks

Indonesia insists Israel goes back to peace talks JAKARTA (JP): The Indonesian government insists that all countries with clout should encourage Israel to resume peace talks and stop building settlements in East Jerusalem. Minister of Foreign Affairs Ali Alatas said yesterday that Indonesia was very concerned by the violence around Jerusalem, which could lead to more bloodshed.

Ade will not testify in court

Ade will not testify in court JAKARTA (JP): The former detective who allegedly allowed the escape of Zarina, who is being tried for the production, distribution, and possession of 29,677 Ecstasy pills, would not testify, a prosecutor said. After the session yesterday at the West Jakarta District Court, prosecutor Rizia Jamil said the testimony of Ade Sutiana, who had been earlier summoned as witness, was not relevant.

Gus Dur's move not seen to help Golkar win votes

Gus Dur's move not seen to help Golkar win votes JAKARTA (JP): The dominant Golkar will not benefit from the high profile public appearances of its deputy chairperson Siti Hardiyanti Rukmana and enigmatic Moslem leader Abdurrahman Wahid.

New tax laws

New tax laws The Indonesian government took major steps to improve its financial and fiscal administration and discipline with the five new major tax laws. Yesterday, the House of Representatives passed bills covering local taxes and retributions, non-tax revenue, tax collection, fees on land and property rights and settlement of taxation disputes. The House should be commended for its hard work over the last three months to complete the new bills which were submitted in December and January.

Central Java towns calm, but tense after riots

Central Java towns calm, but tense after riots SEMARANG (JP): A number of shops remained closed yesterday in several Central Java towns following an outburst of political riots earlier this week. Shop owners and residents feared repeated violence and vandalism that had left a number of premises damaged Wednesday. But the military declared yesterday that the situation had returned to normal.

Malaysia-S'pore rail

Malaysia-S'pore rail KUALA LUMPUR (AFP): Malaysian construction giant Renong Bhd. has submitted a multi-billion dollar bid to build a high-speed rail link from Kuala Lumpur to Singapore by 2003, reports quoting a senior minister said yesterday. The 8.3-billion-ringgit (US$3.32 billion) proposal for the line, which will cut four hours from the current six-hour journey time, has been lodged with the economic planning unit, The Sun daily quoted transport Minister Ling Liong Sik as saying.

Police still checking on officer's shooting

Police still checking on officer's shooting JAKARTA (JP): Police are still gathering facts on the shooting of a 21-year-old North Jakarta police officer, Sofjan Sani. City Police Chief May. Gen. Hamami Nata said yesterday the police would take action against suspects, two East Jakarta officers, if they were found guilty of violating shooting procedures.

Bambang to buy Bank Summa

Bambang to buy Bank Summa JAKARTA (JP): President Soeharto's son Bambang Trihatmodjo and businessman Johannes Kotjo are set to buy most of dissolved Bank Summa's assets through their consortium, PT Bhakti Karya Indah Permai (BKIP). BKIP said it signed an agreement Tuesday to take over the bank's assets through the bank's appointed liquidation team. The agreement ends a five-year dispute over the bank's assets.