BEI: KSEI Already Block Shares Merrill Lynch

JAKARTA – Indonesia Stock Exchange (IDX) has responded to the letter Jakarta High Court. The letter is the blocking of the account request Merrill Lynch Indonesia.

“Today we have to write to the district court. Bursa not blocking stake in Merrill Lynch by KSEI, besides the storage and exchange is not a settlement,” said Director of Surveillance and Compliance Uriep Budhi Prasetyo, in BEI Jakarta.

Uriep added, it has held meetings regularly. “We’re asking how you exposure, the solution how,” he added.

Blocking is a continuation of the dispute between Prem Ramchand Harjani as owner Renaissaance Capital Management Investment Pte Ltd with Merrill Lynch Indonesia.

In the decision, the Supreme Court (MA) won Harjani. Merrill Lynch had to pay compensation amounting to Rp251 billion.

Kubu Harjani also has asked the Supreme Court was seized of execution to the South Jakarta District Court. With the letter of request blocking of the account means the execution of confiscation request is granted Harjani judge, even though Merrill Lynch is proposing reconsideration effort (PK).

Dispute this claim stems from buying and selling shares in the company Merrill Lycnh USD14, 3 million by Prem Ramchand Harjani June 2008.

Harjani then sued Merrill in a Singapore court, because he was accused of broken promises in the share purchase transaction. Having been convicted in Singapore, Harjani later sued Merrill turning to the South Jakarta District Court on the grounds of defamation. He demanded compensation Rp1 trillion to Merrill. Lawsuit was won by the courts to the Supreme Court.