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Indover declared bankrupt
The Jakarta Post , Jakarta | Tue, 12/09/2008 8:21 PM | Business
A Dutch court has declared Bank Indonesia (BI)'s Netherlands- based unit Indonesische Overzeese Bank N.V. (Indover) bankrupt, the BI governor said Tuesday."The bank filed for bankruptcy on Dec. 1 in a Dutch court. The proposal has been accepted and the bank is currently undergoing a bankruptcy process according to Dutch law," BI Governor Boediono said, as quoted by Antara news agency.
He said the central bank was still waiting for the process to complete before taking any measures.
"We have yet to decide what to do to secure our interests, both those of BI and of Indonesia," he said, adding that measures to withdraw money from the bank would have to wait as well.
On Oct. 31, BI announced it would let Indover fold, after failing to execute a planned 545.6 million euro bailout. The central bank had earlier failed to secure written approval for the bailout from legislators before a deadline set by the Dutch authorities. (dre)
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