Indonesian Political, Business & Finance News

1. The sale of PT Indomobil Sukses Makmur, a company owned by the

1. The sale of PT Indomobil Sukses Makmur, a company owned by the Salim group, for Rp 625 million to a consortium led by Trimegah Securities. The company was worth Rp 2.14 trillion when IBRA took it over 1998.

The transaction aroused suspicions that Salim had bought back the company. 2. IBRA pushed ahead with the sale of non-performing loans this year despite the fact that most of them had yet to be restructured. Suspicions were rife that the buyers of the loans were actually the original debtors themselves. 3. IBRA proposed that former bank-owners be freed from criminal charges and their obligations to repay their debts. The controversial proposal was later accepted by the government.

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