International Investment Firm Ordered Shut in Bermuda

International Investment Firm Ordered Shut in BermudaThe Supreme Court of Bermuda has ordered the Bermuda arm of the controversial empire of the Lebanese Saab brothers liquidated following an investigation by KRyS Global, an international fraud investigation and dispute resolution firm. Ayoub-Farid and Fadi Saab are the beneficial owners of FBME Bank of Tanzania, whose Cyprus unit was in effect shut down…

A New Bank of Crooks and Criminals

A New Bank of Crooks and CriminalsThe Cyprus-based FBME bank, permanently blocked in April by a US court from access to the US banking system and thus basically shut down, has among its depositors arguably the biggest collection of financial outlaws the world has seen in decades. It is as if every illicit international operation on the globe from the Russian…

Japanese Firm Got Almost a Free Indonesian Bank

Japanese Firm Got Almost a Free Indonesian BankA scandal-plagued Indonesian bank, now in the hands of a controversial Japanese company, was sold to its new owners for virtually nothing, adding another layer of intrigue to the long saga of what was once the notorious Bank Century.  It is now doing business as PT Bank J Trust Indonesia TBK.  The result, since Century's…

New Mystery For Controversial Japanese Group

New Mystery For Controversial Japanese GroupThe Japanese conglomerate J Trust Group, which has come under the spotlight for a series of financial inconsistencies in Indonesia, Thailand and Cyprus, has added another. On April 14, an apparently frustrated J Trust put out a press release accusing the South Korean Financial Services Commission of refusing to act on a J Trust request…

Indonesia’s Rogue Bank

Indonesia’s Rogue BankIn a country replete with financial scandals, there are few with as many twists and turns as Bank Century, whose near failure in 2008 spurred fears of a systemic collapse of Indonesia’s financial system before it was taken over by Bank Indonesia, the central bank, and fashioned into what became Bank Mutiara. The  bank is…

The Real Reasons for the Saudi King’s Asian Visit

The Real Reasons for the Saudi King’s Asian VisitModerate Muslims and non-Muslims alike may worry that the high-profile visit of Saudi Arabia’s King Salman to Malaysia and Indonesia signals another Saudi Salafi assault on traditionally more flexible Southeast Asian interpretations of Islam. But the royal tour, which also includes official visits to Japan and China as well as holidays in non-Muslim Bali, and…

Indonesia Warns US Mining Giant in Fresh Dispute

Indonesia Warns US Mining Giant in Fresh DisputeThere is rising concern among business sources in Jakarta that tension between the Indonesian government and the US-based mining giant Freeport-McMoRan, Indonesia’s oldest foreign investor, which has been in a months-long deadlock over future mining, could affect relations between Washington and Jakarta. In addition to taking off a huge share of Freeport’s profits, business sources…

Bribery and Airlines: Business as Usual

Bribery and Airlines: Business as UsualThe naming of Garuda Indonesia’s former chief, Emirsyah Satar, by the Corruption Eradication Commission as a bribery suspect in the purchase of Rolls-Royce aircraft engines is just the latest chapter of a long string of such cases stretching across Asia and across generations. Indeed, the British aerospace giant, the world’s third-largest engine manufacturer after General…

Economic Outlook 2017: Indonesia

Economic Outlook 2017: IndonesiaGiven Indonesia’s 2016 performance, in which fiscal reform, accommodative monetary policy and key market factors combined to produce gross domestic product growth of 5.1 percent, the question for 2017 is, "Can it happen again?" The Indonesian government remains cautious, setting a target of 5.1% GDP growth for this year, while the World Bank’s estimate is…

Asia in 2016: Indonesia

Asia in 2016: IndonesiaIndonesia recorded a fiscally promising 2016, with solid gross domestic growth and a supportive monetary environment bolstering economic momentum. Elected to office barely two years ago, President Joko "Jokowi" Widodo has been focused on improving the economy through public spending and a welcome cabinet re-shuffle in July which saw the widely respected Sri Mulyani Indrawati,…
Page 1 of 9123Next ›Last »