Financial Times

Due diligence continues at Pramuka
The due diligence process at the failed Pramuka Bank is continuing by Asia Capital, which is planning to take over the bank, and Nat Wealth Corp, officials said.

This process is continuing, said officials at the two institutions. They are also expected to meet Pramuka Bank depositors next month. The Central Bank has given time till July 22 for a consortium led by Asia Capital to come up with a restructure plan to save the failed bank. If by July 22, the investors proposals can’t be implemented, the Monetary Board of the Central Bank will review the issue at that point and decide whether to once again suspend the bank.

Since January this year, Pramuka (under Central Bank supervision) has been permitted only to recover loans and advances till July 22. Depositors, who are hoping Asia Capital will come up with a viable solution to revive the bank and save their deposits, said if the Central Bank decides to liquidate Pramuka, they plan to go to courts seeking damages.

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