Former ToniJack’s owner Bambang Rachmadi was made to walk the proverbial plank on Tuesday after international burger giant McDonald’s announced that it was terminating all remaining cooperation and joint venture agreements with him and was selling his 10 percent share in their joint venture company.
According to a statement by McDonald’s, it would honor an arrangement to determine the “fair market value” of Bambang’s 10 percent stake in joint venture company PT Bina Nusa Rama, noting that “given the legal relationship between the parties, neither shareholder is personally responsible for any of the JV company’s debts.”
Formed in 1991, the joint venture now owes its US McDonald’s parent company about $130 million, an amount that could see Bambang’s shares in the venture rendered almost worthless.
The statement by McDonald’s also accused Bambang of breaching obligations to transfer equipment in former company stores he operated at fair market value, and assign the leases for the restaurants in question to McDonald’s.
“More specifically … he has opened competing restaurants and has been making false and hostile public statements and allegations against the corporation,” the McDonald’s statement said.
Photo: Yudhi Sukma Wijaya / JG.