IFR Asia – November 25, 2017

International Financing Review Asia November 25 2017 19

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GOLDMAN SACHS should return shares in property

developer Hanson International to tycoon

Benny Tjokrosaputro in a legal tussle over

ownership.

Judge Achmad Guntur also ordered Goldman to

pay Rs320.88bn (US$23.71m) in compensation,

a copy of the ruling from the South Jakarta court

showed.

In a lawsuit, president director of Hanson

International Tjokrosaputro had sued the

US bank for Rs15trn, accusing it of making

“unlawful” trades in the shares and claiming

ownership of 425 million shares.

Goldman said that Goldman Sachs International

had bought the Hanson shares from New

York hedge fund Platinum Partners in a

series of “valid” transactions on the Indonesia

Stock Exchange between February 2015 and

December 2015.

Tuesday’s ruling said that Tjokrosaputro was the

legal owner of as many as 425 million Hanson

shares.

“We are surprised and disappointed at this

decision and will be appealing it at the earliest

opportunity,” said Edward Naylor, a Hong Kong-

based spokesman for Goldman.

The court also rejected a Goldman counter-suit

against Tjokrosaputro for at least US$1.1bn,

said Harjon Sinaga, a Jakarta-based lawyer

representing Goldman Sachs International.

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