Goldman Sachs has lost an Indonesian court appeal over whether it should return shares in property developer PT Hanson International Tbk to tycoon Benny Tjokrosaputro in a legal tussle over ownership.
Reuters reports that Tjokrosaputro, president director of Hanson International, had in a lawsuit sued the U.S. bank for 15 trillion rupiah (£845m), accusing it of making “unlawful” trades in the shares and claiming ownership of 425 million shares.
Goldman had said that Goldman Sachs International had bought the Hanson shares from New York hedge fund Platinum Partners in a series of “valid” transactions on the Indonesia Stock Exchange (IDX) between February 2015 and December 2015.
A Jakarta court ruled in favour of Tjokrosaputro in November 2017, ordering the U.S firm to return shares and pay 320.88 billion rupiah in compensation. This verdict was upheld on Thursday by the Jakarta High court.
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