trending Market Intelligence /marketintelligence/en/news-insights/trending/EiTfkZd4mmy6R6qz6j0dIw2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Goldman Sachs files countersuit against Indonesian businessman


Banking Essentials Newsletter: May Edition


Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9


Banking Essentials Newsletter: April Edition - Part 2


The Evolution of Cloud Banking: Successful Implementation & Frameworks

Goldman Sachs files countersuit against Indonesian businessman

Goldman Sachs Group Inc. filed a countersuit against an Indonesian businessman who is seeking damages from the bank over alleged "unlawful" trades in the shares of a property company, Reuters reported Jan. 24.

Goldman Sachs filed the counter lawsuit against Benny Tjokrosaputro for "reputational damage and negative business impact" that the businessman's lawsuit had caused. Goldman Sachs claimed that Tjokrosaputro's legal suit caused it at least 15 trillion rupiah in immaterial damages.

Tjokrosaputro, president director of property developer PT Hanson International Tbk, filed a lawsuit in September 2016 against Goldman unit Goldman Sachs International. Tjokrosaputro claimed he is owed 15 trillion rupiah in compensation from Goldman Sachs International after the company traded 425 million Hanson shares that he claims that he owned.

Tjokrosaputro had also filed a complaint to Indonesian police in June 2016 that the Hanson shares were "fraudulently embezzled" from him.

Goldman had said that Goldman Sachs International had purchased the Hanson shares from New York hedge fund Platinum Partners in a number of transactions on the Indonesia Stock Exchange between February 2015 and March 2016.

In the counterclaim, Goldman said that Tjokrosaputro's newspaper advertisements damaged the bank's reputation.

Tjokrosaputro declined to comment, Reuters reported.