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Ann: Subscription Agreements Funding Update, page-35

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  1. reu
    1,743 Posts.
    This more precisely may be what we were waiting for also, since the money appears to have been pooled in one account at Maybank:

    "Transferring Rupiah to Foreign Parties

    Banks may not transfer Rupiah overseas. However, banks may transfer Rupiah to accounts held by foreign parties and/or held jointly by foreign parties and Indonesian parties, in banks in Indonesia if:

    1. the nominal Rupiah value transferred is up to the equivalent of USD1,000,000 per day, per foreign party; or
    2. the transfers are among Rupiah accounts held by the same foreign parties.
    If the nominal value of a Rupiah transfer to an account held by a foreign party generated from a transaction other than a Derivative Foreign Exchange against Rupiah Transaction is more than USD1,000,000, the recipient bank must ensure that the foreign party has an underlying transaction."

    Underline is mine.

    Source: http://www.makarim.com/en/news/detail/legal-update/531/foreign-exchange-transaction-against-rupiah

    This to me seems to be why communications with Maybank have been so important. In my opinion the deadline of 31st would be been set after consultation with Maybank.

    All personal opinion, DYOR, I'm no expert, seek professional advice etc
    Last edited by reu: 31/01/17
 
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