Bali International Finance sued<\/p>\n
JAKARTA (JP): Hong Kong-registered Bali International Finance
\nLtd. was sued at the West Jakarta District Court here for what
\nthe plaintiff, Mrs. Gina Widjaja, claimed to be a legally flawed
\nindemnity and guarantee agreement the company entered into with
\nher husband, Bambang Sutrisno.<\/p>\n
According to Prastowo, the lawyer who filed the lawsuit for
\nMrs. Widjaja, under the agreement Sutrisno unlawfully pledged the
\nassets he owned jointly with his wife as security against a
\nsyndicated loan for PT Surya Supratama Finance in Jakarta.<\/p>\n
Bali International, a unit of Bank Bali in Jakarta, served as
\nthe managing agent in the arrangement of the loan syndication.<\/p>\n
Sutrisno was formerly a shareholder of Bank Surya which was
\nclosed by the finance ministry in early April, 1998, due to
\ninsolvency.<\/p>\n
However, as the loan, provided by nine domestic and foreign
\nfinance companies, turned sour, Bali International and the other
\ncreditors sued Sutrisno and Mrs. Widjaja at the high court in
\nSingapore, where Judge S. Rajendra decided late last year to
\nissue an injunction prohibiting the disposal of assets owned by
\nthe couple in Singapore.<\/p>\n
Mrs. Widjaja demanded that the West Jakarta court annul the
\nindemnity and guarantee agreement between Sutrisno and Bali
\nInternational because the assets pledged under the agreement were
\nowned jointly by the couple and the agreement was made without
\nthe prior approval of Mrs. Widjaja.<\/p>\n
She cited a provision in the 1974 Marriage Law which
\nstipulates that the material wealth earned during the course of a
\nlegal marriage is jointly owned by the legal couple and its
\ndisposal must be based on the approval of both spouses.<\/p>\n
The plaintiff also demanded Rp 1.2 billion (US$141,000) in
\ndamages from the creditor consortium and Sutrisno to compensate
\nfor losses caused by the freezing of the couple's assets and
\nexpenses incurred during litigation in Singapore. (vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bali-international-finance-sued-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}