Indonesia seizes land and other assets linked to 1998 bailouts, confirms chief security minister

Indonesian chief security minister Mahfud MD. - The Jakarta Post/ANN

JAKARTA, Aug 28 (Reuters): Indonesian authorities have seized 5.3 million sqm (530 hectares) of land and property assets in several cities, as part of efforts to recoup unpaid state loans given to banks during the Asian financial crisis in 1998, a minister said.

The land was used as collateral for bailouts and included 251,992 sqm (25.2 hectares) in Tangerang, west of capital Jakarta, previously owned by PT Lippo Karawaci, said chief security minister, Mahfud MD, who did not name other owners.