Bank of America Seizes Pertamina Assets - National - magz.tempo.co

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Private Electricity

Bank of America Seizes Pertamina Assets

Tuesday, April 9, 2002

The Bank of America seized US$130 million from a Pertamina escrow account to cover losses suffered by private electricity projects. However, Pertamina claims that the money is the property of the Indonesian government.

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Controversy continues to haunt Indonesia's private electricity projects. One dispute involves Pertamina, the State Electricity Corporation PLN and Karaha Bodas, the owner of private electricity projects in Tasikmalaya and Garut, both in West Java. In a recent development, the international court of arbitration in Geneva, Switzerland ruled in favor of Bodas regarding its dispute with Pertamina and PLN. Bodas also succeeded in convincing New Yo

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