Boediono dismisses Prudential bankruptcy case

The decision by the Commercial Court of Central Jakarta in Indonesia to declare PT Prudential Life Assurance bankrupt is "silly" according to Boediono, Indonesia's Minister of Finance. Speaking in an interview with Financeasia.com, Boediono said the main problem was to do with the law itself, rather than the specific case. Under Indonesian law, the court has the power to declare an insurance company bankrupt if it has one outstanding debt that has not been paid, regardless of the overall solvency of the company.