US$100 million bail-out. The board of directors of GLC Tenaga Nasional Berhad has approved a scheme to help get CK out of a massive mess in Indonesia.
The board met two days to discuss ways of bailing out its CEO and President Cik Khalib Mohd Noh, or CK, from a series of blunder dealing with TNB Coal's Indonesian partners, especially the man they unaffectionately called Pak Robert. [refer to my earlier postings on July 31 here and on Aug 4 here]
Robert Priantono Bonosusatya comes on top in this bail-out with US$34 million. Interestingly, this payoff will be forwarded to Pak Robert, in two instalments, by Singapore-based Noble Energy Inc.
CIMB is also in the picture. The Board had earlier (on Aug 25) decided to engage Credit Suisse First Boston to look into the mess but decided that CIMB was, well, cheaper.