Hedge Fund Sues Indonesian Bank For $70 Million

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.

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