| For immediate release |
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The Federal Reserve Board today announced the issuance of a combined Order to Cease and Desist and Order of Assessment of Civil Money Penalties against Putra Masagung and P.T. Gunung Agung, Ltd. Corporation, Jakarta, Indonesia, and an Order of Prohibition against Mr. Masagung.
Mr. Masagung and P.T. Gunung Agung, without admitting to any allegations, consented to the issuance of the order in connection with allegations that Mr. Masagung and P.T. Gunung Agung violated the Bank Holding Company Act as a result of P.T. Gunung Agung's acquisition of a beneficial ownership interest in The San Francisco Company, San Francisco, California, a registered bank holding company. The San Francisco Company owns the Bank of San Francisco. The order requires Mr. Masagung and P.T. Gunung Agung to sell their interests in The San Francisco Company through a voting trust. The order also requires Mr. Masagung to pay a civil money penalty of $250,000 and P.T. Gunung Agung to pay a civil money penalty of $200,000. The issuance of the order by the Board does not relate in any manner to the condition or activities of the Bank of San Francisco, and the sale by Mr. Masagung and P.T. Gunung Agung of their interests in the San Francisco Company should not affect the bank's operations. A copy of the Order is attached.
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| Order (1347 KB PDF) |