The Bad Boy Strikes Again

Texmaco Assets

Monday, November 20, 2000

Indebted Indonesian textile conglomerate Texmaco is back in the news. It quietly transferred assets it had pledged to IBRA to another more suitable creditor. Will it ever face any sanctions?

. tempo : 177937230416.

Texmaco is a very bad boy. The firm just never stops making trouble, although it seems to get away with it. After hitting the headlines a few months back for abusing a pre-shipment credit worth US$900 million, Marimutu Sinivasan’s company has kept getting its hands dirty again and again. The latest ‘sin’ concerns a transfer of assets to a creditor other than the Indonesian Bank Restructuring Agency (IBRA). Texmaco has actually p...

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