Indonesia to hold court hearing into Goldman Sachs`s billion-dollar dispute with tycoon

by Dramelin 2:00 AM 0 comments

Indonesia will hold a court hearing on Tuesday into a billion-dollar dispute between Goldman Sachs and a local tycoon, who says the Wall Street giant`s unit unlawfully sold shares he owned, in the latest test for the country`s legal system. Legal experts say the outcome could give an indication on whether the country`s civil court proceedings will protect the rights of foreigners. "This lack of transparency can result in very surprising decisions, especially when you have a foreign party seeking recovery from a well-resourced and well-connected local party," Sullivan told Reuters in an email. Goldman`s prospects at the hearing could be affected by a general lack of transparency in Indonesian court proceedings, said Bill Sullivan, senior foreign counsel at Indonesian law firm Christian Teo & Partners. Goldman took the unusual step of counter-suing the tycoon - Benny Tjokrosaputro - for reputational damage.