Always thought Garuda was having financial problems due to terrorism acts. Looks like nothing more than good old corruption!!!
Just read this on another site.....
"Gotta love the description "mark up" . From Balidiscovery....
"Bisnis Indonesia reports that Garuda's debt imbroglio dates from the purchase the six Airbus A300-300 between 1988-1992 with a unit cost of US$214 million and a total tally of US$1.2 billion. Using the 2003 price for the subject aircraft of US$140 million reports the newspaper, the natural conclusion suggests a mark up of US$74 million per airplane resulting in a projected total loss of US$444 million to the Government.