'Ad hoc' judges sought to try bankruptcy cases<\/p>\n
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
\nhas filed bankruptcy petitions against four \"uncooperative\"
\ndebtors at the commercial court, the head of the agency's legal
\ndepartment Agustus Sani Nugroho, said here on Monday.<\/p>\n
Agustus said that the agency, which has suffered serious blows
\nin its previous efforts to liquidate recalcitrant debtors through
\nbankruptcy proceedings, had also asked for independent \"ad hoc\"
\njudges to examine the four bankruptcy cases.<\/p>\n
But Agustus denied suggestions that the demand for ad hoc
\njudges was based on distrust against regular local judges.<\/p>\n
\"We still have faith in the (regular) judges. But we want to
\nmake use of the existing (ad hoc judges) institution because the
\ncases brought up by IBRA are specific and complicated,\" he told a
\npress conference.<\/p>\n
Ad hoc judges are experts recruited by the government from
\noutside the court.<\/p>\n
The Jakarta Commercial Court rejected last month demands from
\nIBRA to declare trading group PT Tirtamas Comexindo bankrupt,
\ngranting instead the company six months to settle its debts.<\/p>\n
Tirtamas is owned by prominent businessman Hashim
\nDjojohadikusumo, the son-in-law of former president Soeharto.<\/p>\n
The commercial court judges also rejected two bankruptcy
\nproceedings filed by two different groups of Tirtamas creditors.<\/p>\n
The decisions of the commercial court have also disappointed
\nthe International Monetary Fund.<\/p>\n
The Fund decided last week to postpone the disbursement of
\nsome US$400 million in loans to the country until the government
\nmakes significant progress with its economic reform measures,
\nincluding its corporate restructuring program.<\/p>\n
Agustus said that the four recalcitrant debtors to be brought
\nto the commercial court included trading firms A Latief
\nCorporation which owed the agency some $16.93 million in bad
\ndebts, PT Samurindo Swadaya Sejahtera (Rp 4.52 billion and $5.03
\nmillion), crude palm oil processor PT Sumi Asih (Rp 73.94 billion
\nand $6.73 million), and diversified group PT Ometraco Corporation
\n($53.18 million).<\/p>\n
The companies initially owed debts to banks closed down or
\nnationalized by the agency, which then acquired the loans.<\/p>\n
Agustus said that the agency would also exercise its legal
\npower to seize the assets property firm PT Mas Murni Indonesia
\nwhich owed the agency some Rp 294.04 billion and $33.82 million
\nin debts.<\/p>\n
Asked on the development with Tirtamas, another IBRA legal
\nofficer Robertus Bilitae said that the company would propose a
\ncomposition plan to settle its obligations.<\/p>\n
But he said that by law the court would have to rule Tirtamas
\nbankrupt.<\/p>\n
\"The initial composition plan has been rejected by (Tirtamas)
\ncreditors,\" Robertus said. (rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ad-hoc-judges-sought-to-try-bankruptcy-cases-1447893297",
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