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Indonesia announces Lippo Bank sale timetable

Indonesia announces Lippo Bank sale timetable

(Indonesia) Indonesia’s Bank Restructuring Agency (IBRA) has announced details of a timetable to sell the government’s stake in Lippo Bank. Final bids for the medium-sized bank, and Indonesia’s seventh largest, will be accepted at the beginning of October with the winner to be announced by the end of that month.

The government currently owns 52 percent of the bank which was nationalised after the Asian financial crisis in 1997/98.

Lippo was recently embroiled in controversy when local stock market regulator Bapepam launched an enquiry into allegations that it had deliberately lowered its share price to enable the former owners, The Lippo Group, to buy back the bank.

It was claimed the share manipulation and loss statement were designed to force a rights issue which would have enabled Lippo Group to regain control of the bank they lost when it was taken over by the government.

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