Word: danareksa
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Dates: during 2004-2004
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...verdicts were incorrect, either because judges misunderstood the law or disregarded it. Foreign bankers and investors often have trouble enforcing contracts in Indonesian courts. In one case, a court last year nullified a $180 million loan made by a syndicate of foreign lenders to property developer Danareksa Jakarta International to construct the Jakarta Stock Exchange building, saying the loan circumvented Indonesian borrowing laws and therefore need not be repaid. The creditors are appealing, but one, U.S. investment firm Lone Star, is so fed up that it has vowed not to pursue new business in Indonesia. "Indonesia is never really going...
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