Thursday, 26 February 2015
Last updated 3 hours ago
Feb 23 2012 | 4:59am ET
A hedge fund is demanding a US$70 million payment from an Indonesian bank bailed out by that country's government.
Weston International Investment has begun proceedings against the former Bank Century, arguing that it is "legally responsible for the repayment" of the deposit, it said yesterday. Indonesia is in the process of selling the bank, now known as Bank Mutiara, after pouring 6.7 trillion rupiah (US$735.7 million) into it.
Luxembourg-based Weston is a distressed specialist with some US$1.9 billion in assets under management.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…