| BUSINESSWEEK ONLINE : SEPTEMBER 13, 1999 ISSUE | ||||||||
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| INTERNATIONAL -- ASIAN BUSINESS
The Deepening Debacle at Bank Bali MARCH Bank Bali, hobbled by bad debts, applies for government rescue. Government instead puts bank stake up for sale. APRIL Standard Chartered makes winning bid to buy 20% of the bank for $57 million, with an option to buy the rest. JULY An audit reveals that $80 million in Bank Bali funds were diverted to ruling party Golkar, allegedly for the reelection campaign of President B.J. Habibie. MID-AUGUST In an apparent bid to thwart the Standard Chartered takeover, anonymous investors purchase a significant 39% stake in Bank Bali. Rumors spread that ousted CEO Rudy Ramli is behind the move. LATE AUGUST The IMF warns of ''disaster'' if the Bank Bali case isn't resolved. PricewaterhouseCoopers is hired to investigate the central bank. DATA: BUSINESS WEEK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
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RELATED ITEMS The Haunting of Bank Bali (int'l edition) TABLE: The Deepening Debacle at Bank Bali INTERACT E-Mail to Business Week Online | |||
