A Latief told to negotiate with IBRA<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court delayed on Tuesday
\nproceedings in the bankruptcy suit filed against trading firm A
\nLatief Corporation to allow the company the opportunity to reach
\nan out of court settlement.<\/p>\n
\"We will meet again on Tuesday of next week for the second
\ncourt hearing,\" presiding judge Sihol Sitompoel told the court.<\/p>\n
The Indonesian Bank Restructuring Agency (IBRA) filed a
\nbankruptcy suit against A Latief in late March, claiming the firm
\nhad unpaid debts of some US$17 million.<\/p>\n
A Latief said the legal action by IBRA was out of proportion,
\nand claimed to have attempted to initiate debt negotiations with
\nIBRA but failed to receive a response from the agency's
\nofficials.<\/p>\n
Tantawi J. Nasution, a lawyer representing IBRA, acknowledged
\nefforts by A Latief to settle its debts with the agency.<\/p>\n
\"There is the possibility that A Latief Corporation is going
\nto repay its debts to IBRA. We will see if that really happens
\nwithin seven days from now,\" he said.<\/p>\n
Tantawi said he would meet with A Latief executives to discuss
\nthe possibility of negotiating a debt settlement.<\/p>\n
He guaranteed that if A Latief resumed debt repayments to
\nIBRA, the agency would withdraw its bankruptcy suit.<\/p>\n
But he stressed IBRA would not allow any debt relief for the
\nprinciple owed by the trading firm, saying such relief only was
\npossible for overdue interest payments and late payment
\npenalties.<\/p>\n
Lawyer Hotman Paris Hutapea, who represents A Latief, said on
\nTuesday there was a \"technical\" problem with the bankruptcy suit
\nfiled against his client.<\/p>\n
Hotman said A Latief originally owed debts to Bank Danamon and
\nBank Pelita, not IBRA.<\/p>\n
Those two banks were closed down by the government and
\ntransferred to IBRA under the government's bank restructuring
\nprogram, he said.<\/p>\n
\"Thus the bankruptcy suit should be filed by these two banks,
\nbut with IBRA's power of attorney,\" he said.<\/p>\n
The power of attorney was needed because the management of the
\nclosed banks had been transferred to IBRA, according to Hotman.<\/p>\n
\"This is in line with Article 40 of Government Decree No. 17
\non IBRA,\" he said.<\/p>\n
The agency brought three debtors to the commercial court in
\nlate March for their alleged failure to repay debts to the
\nagency.<\/p>\n
The companies are trading firm A Latief Corporation, crude
\npalm oil processor PT Sumi Asih, which owes the agency Rp 73.94
\nbillion and $6.73 million, and PT Ometraco Corporation, which has
\n$53.18 million in unpaid debts. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/a-latief-told-to-negotiate-with-ibra-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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