The Master Settlement and Acquisition Agreement (MSAA) was signed on 21st September 1998 by Mr Sjamsul Nusalim and the Indonesian Bank Restructuring Agency
(IBRA). The MSAA stated that all of the Central Bank (BLBI) funds including interest and penalties received by PT Bank Dagang Indonesia
(BDNI) have been settled by Mr Nursalim.
After eight months of due diligence by international and local advisers of
IBRA, on 25th May 1999, a Closing Agreement was signed by the Indonesian government represented by the Minister of Finance, the Chairman of IBRA and Mr
Nursalim. It was acknowledged by the International Monetary Fund (IMF) and World Bank.
The MSAA included a Release and Discharge clause, which stated that the government would not pursue any charges, related to the BLBI funds and the legal limit against BDNIís major shareholders in the future. The MSAA was approved by the government of Indonesia in consultation with leading international legal and financial advisors endorsed by the World Bank and
PT. Tunas Sepadan Investama (TSI)
PT. Tunas Sepadan Investama (TSI) is a holding company formed by IBRA concerning the agreement between the BDNI Group and IBRA to resolve the emergency liquidity credits provided to BDNI and BDNI loans to affiliated companies.
The Gajah Tunggal Group, as the largest shareholders of BDNI, transferred shares and assets of its 12 pledged companies under its control to TSI as part of the Settlement Agreement with
IBRA. Three of the biggest assets pledged were the PT Gajah Tunggal
TBK. (GT Tire), PT. GT Petrochem Industries Tbk. and Dipasena Citra
TSI was incorporated in Jakarta under the Deed of Incorporation and Articles of Association No. 116 dated 24th December 1998, witnessed by Notary Public Singgih Susilo
More details about pledged assets
1. PT. Gajah Tunggal Tbk. (GT Tire)
2. PT. GT Petrochem Industries Tbk.
3. Dipasena Group