LPS Seeks to Finalize Mutiara Handover Next Week

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  • J Trust Beli Bank Mutiara Rp 4-5 Triliun

    J Trust Beli Bank Mutiara Rp 4-5 Triliun

    TEMPO.CO, Jakarta – The Indonesian Deposit Insurance Agency (LPS) aims to finalize two crucial processes in transferring Bank Mutiara's shares to Japanese company J Trust Co. next week. "Hopefully by early next week we can hold a general meeting of shareholders," LPS spokesman Samsu Adi Nugroho told Tempo yesterday.

    Said crucial processes, the payment and share acquisition through an AGM, are expected to be completed by no later than November 21, 2014. Samsu hopes the processes will run smooth without any hindrance.

    LPS has 99.996 percent stake in Bank Mutiara after bailing the bank—then named Bank Century—in 2008 for Rp6.7 trillion (approx. US$570 million). The controversial bailout made headlines as Indonesia was going through an economic crisis, and there were suspicions of possible transaction sham and money laundering.

    J Trust's acquisition over LPS' shares in Mutiara will be done though a GMS scheme. Samsu said that once the payment is completed, a GMS will be held and the payment will then be placed in permanent account.

    Samsu shortstopped to say how much Bank Mutiara will be sold to J trust for. "We will disclose all details later at closing time," he said.