The decision by the Commercial Court of Central Jakarta in Indonesia to declare PT Prudential Life Assurance bankrupt is silly according to Boediono, Indonesia's Minister of Finance. Speaking in an interview with Financeasia.com, Boediono said the main problem was to do with the law itself, rather than the specific case. Under Indonesian law, the court has the power to declare an insurance company bankrupt if it has one outstanding debt that has not been paid, regardless of the overall solvency of the company.
I know it is a silly problem, to have a good company, which is announced to be bankrupt. But the law is there, he says. So we need to...
