AJMI gets new receiver, resumes operations<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Commercial Court appointed a new receiver for PT Asuransi
\nJiwa Manulife Indonesia (AJMI) on Thursday, paving the way for
\nthe firm to fully resume operations after it was forced to close
\nits 73 branches last week following a controversial bankruptcy
\nruling.<\/p>\n
AJMI, the local unit of Canada's giant insurer Manulife
\nFinancial Corp., is now waiting for the Supreme Court to decide
\non its appeal over the bankruptcy ruling.<\/p>\n
"This means that we are now fully back in business, and we'll
\npay all (maturing) claims based on the approval of the new
\nreceiver," AJMI vice president Adhi Purnomo told The Jakarta
\nPost.<\/p>\n
On Thursday, the company reopened its offices. AJMI said
\nearlier that it was seeking to immediately return to business
\nonce the court grants its request for a new receiver.<\/p>\n
AJMI was declared bankrupt on June 13 by the Commercial Court
\nin a controversial decision that not only strained relations
\nbetween the Indonesian and Canadian governments, but also caused
\nfurther harm to the country's already poor investment climate due
\nto legal uncertainty.<\/p>\n
Since the bankruptcy ruling, the company has not been able to
\nmake any business transactions, including paying maturing claims
\nof policyholders. Several hospitals in Jakarta have even rejected
\npatients with AJMI health insurance policies.<\/p>\n
AJMI asked the court earlier this week to change the first
\nreceiver, Kalisutan, for being biased against the firm and
\nintending to ruin the company while it waited for the Supreme
\nCourt's final decision.<\/p>\n
The company also said that Kalisutan was linked to Manulife's
\nformer local partner, the now defunct PT Dharmala Sakti Sejahtera
\n(DSS), which has been accused of trying to defraud the Canadian
\nfirm including via the bankruptcy lawsuit since Manulife acquired
\nDSS's 40 percent stake in AJMI at a government auction in 2000.<\/p>\n
The Commercial Court named Syarif Bastaman as the new receiver
\nfor AJMI.<\/p>\n
But before the court came up with Thursday's decision,
\nKalisutan announced earlier in the day that he was voluntarily
\nstepping down as the receiver for AJMI.<\/p>\n
"After looking at the development of the case and comments
\nfrom government officials, I have decided to resign," Kalisutan
\ntold reporters.<\/p>\n
Minister of Justice and Human Rights Yusril Ihza Mahendra said
\nseparately on Thursday that Kalisutan was not fit to be a
\nreceiver because he was not a member of the receivers association
\nas required by a decree issued by his office.<\/p>\n
Yusril also said the investigation process into the three
\njudges who made the bankruptcy ruling would be completed within
\n10 days. The ministry started the investigation on Monday over
\nalleged bribery in the bankruptcy case.<\/p>\n
The court issued the bankruptcy ruling after the receiver of
\nDSS filed a lawsuit over an unpaid dividend in 1999, which AJMI
\nsaid was not authorized by shareholders.<\/p>\n
AJMI is actually a solvent company as acknowledged by the
\nfinance ministry.<\/p>\n
The Canadian government had asked the Indonesian government to
\nintervene to overturn the bankruptcy ruling, which was rejected
\nby the latter on the grounds that it could not interfere with the
\njudicial process, although it is public knowledge that the
\ncountry's weak court system is prone to corruption.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ajmi-gets-new-receiver-resumes-operations-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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