Podcast Center
Video Center
Webcasts
Resource Center
Events
June 13, 2002 at 08:00 PM
NU Online News Service, June 13, 4:19 p.m. – Manulife Financial Corp., Toronto, is lashing out at an Indonesian judge who declared its Manulife Indonesia subsidiary bankrupt.
The subsidiary is caught up in a bitter, complicated dispute with Manulife’s former joint venture partner, PT Dharmala Sakti Sejahtera, Jakarta, and other parties in Jakarta Commercial Court.
The plaintiffs say that two years ago, when Manulife bought out most of the joint venture stock that it did not already own, it ended up buying stock that had previously been purchased by another company.
Regardless of the final outcome of the dispute, “Manulife Indonesia is not insolvent,” Manulife says in a statement about the ruling.
