Bartering Worthless Assets for Cash Debt
Although unable to meet his Rp1 trillion cash debt, Sjamsul Nursalim has received further dispensation from IBRA. It has allowed him to cover the cash debt with assets. But does Nursalim have any more valuable assets?
October 15, 2002
Sjamsul Nursalim can breathe another sigh of relief from his haven in Singapore. In September 2002, the Indonesian Bank Restructuring Agency (IBRA) decided to allow Nursalim to cover his Rp1 trillion cash debt using assets. Nursalim is one of Indonesia's largest borrowers of Bank Indonesia Liquidity Assistance funds (BLBI). Although IBRA issued its decision in September, Gadjah Tunggal director Moelyati Gozali only confirmed the decision last w
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