Categories: NewsWorld

OCBC unit files police report against Gudang Garam owner

The Indonesian arm of Oversea-Chinese Banking Corp. filed a police report against a billionaire owner of cigarette-maker PT Gudang Garam.

PT Bank OCBC NISP filed the report against Susilo Wonowidjojo, an owner and president director of Gudang Garam, on fraud allegations relating to some 232 billion rupiah ($15.5 million) in troubled loans, the lender’s lawyer Hasbi Setiawan said in a statement on Friday. 

A representative for Gudang Garam didn’t immediately respond to requests for comment and calls to the company’s office were not answered. Gudang Garam shares fell 5.7% on Friday in their biggest drop since Jan. 5, ending a four-day nearly 16% gain. NISP shares gained 1.3%.  –BLOOMBERG

Dayang Norazhar

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