Tycoon says ready to sell ?his shirt? to pay debts

Business tycoon and noted politician Arifin Paniogoro said he was ready to divest his compay?s stake in PT Medco Energi International to settle debts worth US$75 million to state owed to state owned financing company PT Bahana Pembinaan Indonesia.

Speaking following the company?s shareholders meeting on Monday, Arifin said he optimistic that his company?s debts could be settled by November this year. ?I am even ready even to sell my shirt I am wearing,? he added.

Arifin, however, said that his company had not decided how many shares would be divested to pay the debts. ?The amount of shares which will be sold are depending on the share prices and the available oil reserves,? he added.

Medco Group earlier said it would sell its 80 million shares at PT Medco Energy International, if the business group failed to repay its debts to state owned PT Bahana Pembinaan Indonesia in six months.

Medco Energi is 67.88 percent owned by New Links, 17.97 percent by PT Medco Duta and 14.20 percent by the investing public.

Arifin, one of President Abdurrahman Wahid?s main political foes, is one of several political figures who have been put into the Attorney General?s investigation lists, for their alleged corruption practices during the Soeharto era. (*)