JAKARTA, Nov 5 — Indonesia’s government on Friday took over land assets linked to an automaker company owned by the son of late president Suharto, in its latest attempt to recover money from the once-powerful family. The move was part of wider efforts to recoup US$7.7 billion (RM32 billion) of...
JAKARTA, Nov 5 — Indonesia’s government on Friday took over land assets linked to an automaker company owned by the son of late president Suharto, in its latest attempt to recover money from the once-powerful family.US$7.7 billion of unpaid loans given as bank bailouts during the 1997-1998 financial crisis.
The government had issued letters to seize the assets used as collateral, but had not physically taken them over due to “obstacles on the ground”, it said.
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