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.