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.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...