The head of Indonesian giant, Texmaco, has vowed to fight allegations of improper conduct over bank loans.

Marimutu Sinivasan, founder of the textile and engineering empire, has been accused of benefiting from his ties with former President Suharto, by one of President Megawati Sukarnoputri's closest advisors.

Responding in late July 2001, Sinivasan said he was confident that Texmaco could repay its debts to the Indonesian Bank Restructuring Agency (IBRA). The group owes IBRA $US2.7bn and is its largest debtor.


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