The dispute over the loan agreement provided by a syndicate of banks led by PT Bank PDFCI to PT Geria Wijaya Prestige (controlled by the Karjadi family) continues. The agreement has turned into a complicated maze of legal battle, which has produced dozens of conflicting court verdicts. Two of the Karjadi brothers were named suspects in a criminal case for allegedly committing fraud as a result of police report submitted by Artha Graha patron Tomy Winata. They were found guilty on January 22, 2020. That said, we will not see closure shortly because last month, the Jakarta High Court decided to decline Tomy Winata’s appeal petition. With the appeal decision, the decision of the Central Jakarta District Court (which declined Tomy’s lawsuit) remains valid.
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