IBRA may take over GT assets

IBRA may take over GT assets

SINGAPORE (AFX-ASIA): Gajah Tunggal Group founder Sjamsul
Nursalim may have to surrender his assets in Singapore to the
Indonesian Bank Restructuring Agency (IBRA) after the Indonesian
government ordered his 20-day detention on graft charges, the
Business Times reported, without naming sources.

Nursalim and his family hold a 50.42 percent stake in Tuan
Sing Holdings.

Tuan Sing owns a 60.0 percent stake and a 80.20 percent stake
in Gul Technologies and SPP Ltd, respectively.

In addition to his stakes in these listed companies, Nursalim
also holds properties under unlisted company, Habitat Properties,
the newspaper said.

Most of Nursalim's assets in Indonesia have already been
pledged to IBRA but his Singapore assets remain untouched, it
said.