JAKARTA (TheInsiderStories) – Indonesian Court granted Benny Tjokrosaputro’s lawsuit against U.S bank Goldman Sachs International on Tuesday (21/11). This case has been running for more than a year.
Judge chief of Jakarta Court, Achmad Guntur saidThe assembly declares that the share transaction is null and void. The assembly stated that the transaction of shares of PT Hanson International Tbk (IDX: MYRX) by Goldman is against the law.
On Sept. 8, 2016 the businessman filed a lawsuit claiming to be the rightful owner of 425 million shares (after a stock split of 2.125 billion shares) at Hanson International. Apparently the stock has changed hands to Goldman Sachs.
On Jan. 24, 2017, Goldman Sachs filed a US$1 billion counter lawsuit Tjokrosaputro who is seeking damages from the U.S lender for conducting what he called “unlawful” trades in the shares of a property firm.
Harjon Sinaga, Goldman’s legal counsel said his client bought the shares of the Hanson International legally in the negotiating market of Indonesia Stock Exchange (IDX). Goldman buys the company shares in 2015.
Later, Tjokrosaputro transacted his shares to companies from the U.S’s Platinum Partners through a repurchase agreement or repo to get a loan. Under the agreement, the shares should still be in the hands of Platinum.
But it turns out Platinum also tripped the problem. Late 2016, the company’s managers were arrested for fraud up to $1 billion.
Commenting on the verdict, Goldman Sachs legal counser Mohamed Idwan Ganied said will file a legal action against the South Jakarta District Court‘s decision to grant Tjokrosaputro’s claim in part.
“Most likely we will file a legal action,” he said after the hearing by adding the legal effort that can be taken is an appeal to Supreme Court Indonesia.
Hanson International was incorporated on July. 7, 1971. Hanson’s main business is property with land bank of more than 3,000 hectares located in Greater Jakarta area. The company along with its subsidiaries has made steady progress in the development of land banks into residential and commercial areas.
Hanson has signed strategic Joint Venture (JV) agreements with Ciputra Group, other local property developer to develop close to 500 hectares of land in Maja Raya, Greater Jakarta. Hanson has also secured JV agreements with a consortium of prominent developers in Indonesia to develop 850 Hectares of land in Serpong, Tangerang.