Boediono dismisses Prudential bankruptcy case

Prudential bankruptcy decision "silly", says Indonesian Finance Minister Boediono.

The decision by the Commercial Court of Central Jakarta in Indonesia to declare PT Prudential Life Assurance bankrupt is silly according to Boediono, Indonesia's Minister of Finance. Speaking in an interview with Financeasia.com, Boediono said the main problem was to do with the law itself, rather than the specific case. Under Indonesian law, the court has the power to declare an insurance company bankrupt if it has one outstanding debt that has not been paid, regardless of the overall solvency of the company.

I know it is a silly problem, to have a good company, which is announced to be bankrupt. But the law is there, he says. So we need to...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222