In an appeal to the countryÆs highest court, Gramercy Advisors and Oaktree Capital Management û both US-based hedge funds û had hoped to overturn the 2004 ruling by the Central Jakarta Court, which had itself upheld a civil claim in Bangkalis District Court a year earlier, that annulled the bonds on the basis that their issuance via an offshore special purpose vehicle SPV structure was unlawful.
At the risk of overstating the obvious,...
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