Lippo to write of Tangerang loss
Lippo Group might need to set provisions for losses for its investment in a satellite town development in Tangerang, Indonesia, as a result of the Asian currency turmoil. Director Thomas Clydesdale said no concrete plan for such a move had been reached yet, but the group would keep a close eye on the situation. He emphasised that Lippo's involvement in the project comprised less than 10 per cent of the group's total assets. The project is commissioned through Lippo's 25 per cent-owned, Jakarta-listed Lippo Kawaraci.