Default of Panin Capital Getting more Serious

The default of sovereign bonds by PT Panin Capital has been increasingly serious so that the total has reached IDR200 billion.
Panin Capital has not been able to pay the purchase of sovereign bonds to three securities companies, Bank Negara Indonesia and Bank Mandiri.
But Bank Mandiri Treasury Director Thomas Arifin denied the information saying that the bank did not have such transaction with Panin Capital.
"I have checked my staff and they confirmed that there is no transaction between Bank Mandiri and Panin Capital. We don't suffer any financial losses."
Panin Capital has cancelled bonds transaction with PT Andalan Artha Advisindo Sekuritas (AAA), PT CIMB-GK Securities Indonesia, and PT Trimegah Securities Tbk.