Former ToniJackâ€™s owner Bambang Rachmadi was made to walk the proverbial plank on Tuesday after international burger giant McDonaldâ€™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 McDonaldâ€™s, it would honor an arrangement to determine the â€œfair market valueâ€ of Bambangâ€™s 10 percent stake in joint venture company PT Bina Nusa Rama, noting that â€œgiven the legal relationship between the parties, neither shareholder is personally responsible for any of the JV companyâ€™s debts.â€
Formed in 1991, the joint venture now owes its US McDonaldâ€™s parent company about $130 million, an amount that could see Bambangâ€™s shares in the venture rendered almost worthless.
The statement by McDonaldâ€™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 McDonaldâ€™s.
â€œMore specifically â€¦ he has opened competing restaurants and has been making false and hostile public statements and allegations against the corporation,â€ the McDonaldâ€™s statement said.
Photo: Yudhi Sukma Wijaya / JG.