Their ruling determined that “the complaint (Bank Mutiara) is unfounded in so far as it is incapable as an appeal; secondly, the appeal is rejected to the extent capable of appeal; and the appellant shall pay to the Respondent (Tarquin) for the Federal judicial proceedings Swiss Francs 130,000.”
Weston International Capital said, surprisingly, the LPS and Bank JTrust Directors have failed to publicly disclose these highly visible losses of over $156 million. Neither the people of Indonesia nor the J Trust common stockholders such as Taiyo Pacific Partner LP, JP Morgan Asset Management Japan, State Street Bank and Trust, Vanguard and Blackrock Group Limited – were seemingly aware of the loss.
Weston International Capital Limited has $2.2 billion of assets under management and is headquartered in the Republic of Mauritius.
Weston, on its own, has an earlier dispute with Bank JTrust with regard to $96.20 million of Senior Secured Debts that have been defaulted on and are owed to Weston International by Bank Mutiara.
Furthermore, in 2013, Weston International was among the potential investors for Bank Mutiara. Last year, the Indonesian government declared that J Trust Co of Japan had won the bidding for the investment.
Bank JTrust and LPS have yet to make a statement with regard to the results of the appeal.
In local media, LPS and Bank JTrust have stated that they might collect $156 million from a large Swiss Bank, referring to the disputed funds.
Previously, the LPS and the Indonesian Ministry of Law and Human Rights lost a lawsuit in the Court of First Instance against ING Bank N.V. and Weston International Asset Recovery Company Limited in Hong Kong for over $725 million in August 2013, claimed Weston.
In the last eleven months, J Trust Co. Ltd of Japan has committed Rp 4.41 trillion ($360 million) to acquire 99.00 per cent of the Series A Shares of Bank JTrust.
It has committed Rp 1 trillion in three capital subscriptions since December 22, 2014 to Bank JTrust; $25 million in subordinated loans to Bank JTrust; and as of last week, has removed over Rp 2.69 trillion ($186 million) of non-performing loans from the books of the bank as of October 30, 2015.