Assets Takeover
Victim of Martial Law
PT Inaco claims compensation from the government for two ships taken over by the navy 50 years ago. The court maintains that the decision on insolvency was invalid.
August 21, 2007
THERE was no name board. The singlestory building in Pasar Minggu, South Jakarta, gave no impression of being a shipping company’s office. At the entrance was a notice reading that an Englishlanguage course was being run there. “The office of PT Inaco is right here,” said Director of Indonesian Navigation Co Ltd (Inaco), Agus Salim, last Thursday.
The shipping firm, set up on October 28, 1950, was once in possession of two large vessels li
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