Bahamian investors sue Indonesian firms for bankruptcy<\/p>\n
JAKARTA (JP): Five investors from the Bahama Islands have
\nfiled bankruptcy petitions against five Indonesian firms for
\nunpaid debts totaling some US$100 million.<\/p>\n
According to copies of documents obtained by The Jakarta Post,
\nthe bankruptcy petitions were filed by the law office of Bernard
\nTitus & Partners on behalf of the five Bahamas-based investors.<\/p>\n
The five Bahamas investors, being represented by lawyer Titus
\nRimo, are Parkway Trading Limited, Comfort Group Limited, Gingo
\nInvestments Limited, Gemmy Investments Limited and Kenya Services
\nLimited.<\/p>\n
The five filed bankruptcy petitions against local firms PT
\nSumber Keramik Kharisma Dinamika, PT Kreasi Supradinamika
\nMulticorpora, PT Widiamulia Prima Multicorpora, PT Metrotama
\nDunia and PT Indo Land Jaya.<\/p>\n
According to the documents, in 1996 Sumber Keramik issued
\npromissory notes to Parkway Trading amounting to $42.6 million.
\nThe due date of the notes fell in September 1997.<\/p>\n
Kreasi Supradinamika issued promissory notes to Comfort Group
\nin 1996 amounting to $17.95 million, which also were due in
\nSeptember 1997.<\/p>\n
Widiamulia Prima issued promissory notes to Gingo Investment
\nin 1996 totaling $16.5 million. These notes came due in October
\n1997.<\/p>\n
Also in 1996, Metrotama Dunia and Indo Land issued promissory
\nnotes worth $11.5 million to Gemmy Investments and Kenya
\nServices, respectively. Metrotama was due to pay back its debt in
\nAugust 1997, while Indo Land's promissory notes were due in
\nOctober 1997.<\/p>\n
The Bahamas firms are asking the courts to declare the five
\nlocal firms bankrupt and to allow them to seize the assets of the
\ndebtors. (bkm)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bahamian-investors-sue-indonesian-firms-for-bankruptcy-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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