Jakarta, Indonesia - The Jakarta Central Commercial Court on Friday allowed the controlling stake in defunct E-commerce and social networking site Multiply to be formally sold to a foreign investor, who claimed he had a rescue plan for the closed website.
Multiply's CEO and owner Stefan Magdalinski, who had filed a petition to wind up the company to recoup his losses, agreed to sell shares under his control to Si Rongbin’s Star Platinum.
But the deal was earlier blocked by Multiply’s other creditors, including listed company China Trends, who feared that their interests would be jeopardized.
On Friday, High Court judge Mr. Justice Jonathan Harris validated the transaction after hearing that the parties would no longer object to the share transfer and that the dues for the shares had been paid by Si.
Neither Magdalinski nor Si appeared in court. Their lawyers declined to give details about the terms of the agreement.
It was also not revealed whether Magdalinski would continue his bid to wind up Multiply, which pulled the plug and ended 9 years of internet service on May 6 and ceased all business operations on May 31, after the share deal.
The liquidation petition against the company was adjourned until December 9.
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