Goldman Sachs ordered to pay 321 billion rupiah to Indonesian tycoon
Jakarta judge says US bank's stake in PT Hanson, a property developer, was improperly obtained
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Jakarta
AN Indonesian court ruled against Goldman Sachs Group Inc and ordered it to return shares of PT Hanson International to its founder Benny Tjokrosaputro.
Goldman must pay 320.8 billion rupiah (S$32 million) in material damages to Mr Tjokrosaputro for an "illegal transaction" of Hanson shares, Judge Achmad Guntur said in the South Jakarta District Court on Tuesday. The judge also rejected a US$1 billion counterclaim the US bank filed last year against a lawsuit by Mr Tjokrosaputro, in which he alleged that the firm's stake in Hanson, a property developer, was improperly obtained.
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