atans1

Indonesia: Even friends get screwed

In Corporate governance, Indonesia on 25/09/2012 at 6:21 pm

Samin Tan, an Indonesian entrepreneur who bought 23.8% of Bumi Plc at almost £11 pound a share from the Bakries last year after the family was unable to top up a loan guaranteed by Bumi Plc shares. He now has 29% and is executive chairman but yesterday the shares fell a further 25% and closed eventually at 148p. But the Bakries still control PT Bumi where the alleged irregularities occur.

 
A Bakrie is the chairman of the Golkar party (part of the ruling coalition) and is a presidential candidate in next year’s Indon election.
 
God what a country and what a family.
 
More on the family . Updated on 26 Sept at 8.16am.
 
 
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