THE memorandum of understanding was signed a decade ago. Signed by Lakshmi Mittal and Tanri Abeng, it was part of the plan to sell Krakatau Steel shares. Lakshmi, at the time under the banner of Ispat International, was ready to pay at least US$500 million. “The value was estimated to be the equivalent of half of Krakatau’s book value in dollars at the time,” said Tanri, the then State Minister for State-Owned Enterprises.

That was the fir