By the mid-1990s, Widjaja's best-known asset was a controlling stake in Asia Pulp & Paper (APP), a Singapore-based company listed on the New York Stock Exchange and the 10th-largest paper company in the world. After the 1997 Asian financial crisis and a dip in the international wood pulp price in 2000, it was revealed that the company had a global US$13.9 billion debt. In March 2001, two months after being threatened with delisting from the NYSE, APP stopped paying its debt, considered to be the largest debt default in the world's emerging markets. APP has also been convicted of being involved in illegal logging in Cambodia, Yunnan Province, China, destroying ancient rainforest and the illegal felling of over 50 thousand acres (200 km²) of forest in Bukit Tigapuluh national park.