IBRA takes over Liem's stakes

IBRA takes over Liem's stakes

SINGAPORE (AP): The Indonesian Bank Restructuring Agency has taken over Indonesian tycoon Liem Sioe Liong's stakes in industrial estates developed jointly with Singaporean parties, a newspaper reported Saturday.

IBRA is now looking for foreign investors to take over the shares in the Batam and Bintan industrial estates as part of its asset sales program, Singapore newspaper The Business Times reported.

The shares in the Batam and Bintan projects are among assets of 107 companies once owned by Liem's Salim Group transferred to IBRA as part of a multi-billion dollar settlement agreement with the Indonesian government.