In early March 2020, news about the dispute between PT Bank Sinarmas Tbk (BSIM) and Hengky Setiawan, founder of Telesindo Group, was heavily discussed. From the news circulated, it was mentioned that the dispute was revealed after the trading of the shares of PT Tiphone Mobile Indonesia Tbk (TELE) was suspended due to administrative errors in the payment of bonds that were due. BSIM also filed for bankruptcy against PT Setia Utama Telesindo (SUT) owned by Hengky Setiawan. TELE immediately denied having a connection with the SUT. But recently, this rebuttal is refuted again after SUT, and dozens of other parties filed a lawsuit against BSIM and several other parties. Among those who filed the lawsuit is TELE’s majority shareholder. Suddenly the dispute that initially seemed simple has now become more complicated.
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