‘Dud’ Promissory Notes

THE Supreme Court ruling granting the appeal lodged by the Indonesian Bank Restructuring Agency (IBRA) in the lawsuit filed by PT Citra Marga Nusaphala Persada (CMNP) is good news for the state. At the very least, the nation has avoided the obligation to pay US$28 million, or around Rp150 trillion to the toll road company.

The ruling, which was announced two weeks ago, was actually decided two years ago. It overturned a 2004 ruling by the Centra

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