Goldman Sachs Ordered to Pay $24 Million to Indonesia Tycoon
- Jakarta court rejects counterclaim against Benny Tjokrosaputro
- U.S. firm ordered to pay damages for Hanson share transaction
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An Indonesian court ordered Goldman Sachs Group Inc. to pay 320.8 billion rupiah ($24 million) in damages to the founder of PT Hanson International, for what was ruled to be an “illegal transaction” to buy shares in the property developer.
The New York-based firm must return the Hanson shares to Benny Tjokrosaputro, Judge Achmad Guntur said in the South Jakarta District Court on Tuesday. The judge also rejected a $1 billion counterclaim the U.S. bank filed last year against the tycoon, who alleged that a Hanson stake held by Goldman was improperly obtained.