Finally, PT Bank Danamon Indonesia reached an out-of-court settlement with PT Elnusa concerning a derivative contract worth $9 million.
Bank Danamon had a total of $220 million in derivativecontracts with 22 clients that are now worth $49 million at market prices. Of the clients, 21 had agreed to keep the contracts until maturity while the bank was still in negotiation with one client whose contract was now worth $9 million.
Danamon reported last month a 29 percent drop in 2008profit as it set aside money to cover losses from derivative deals.
Friday, February 13, 2009
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