GAR quizzed over BII deposits

GAR quizzed over BII deposits

SINGAPORE (AFX-ASIA): Golden Agri-Resources minority shareholders questioned GAR directors and officials over the state of the company's finances, and were unsatisfied with the response, minority shareholders said.

"The questions were on the company's deposits with Bank Internasional Indonesia (BII) and whether this bank is related to the Widjaja family," a minority shareholder who asked not to be identified said.

"One shareholder asked why they made a deposit with an Indonesian bank and not with a Singaporean bank. They promise that in the future, they will not make any more deposits with the bank," the shareholder said.

Golden Agri-Resources officials reiterated that the company is in restructuring talks with creditors and is hopeful that it will secure the same terms as in its recently restructured $75 million liability.