Bankers Trust accuses JIHD of forging evidence<\/p>\n
JAKARTA (JP): The London-based Bankers Trust International
\nPlc. (BTI) accused on Friday the Jakarta-listed property firm PT
\nJakarta International Hotel Development (JIHD) of forging
\nmaterial evidence in a derivative transaction dispute.<\/p>\n
BTI lawyer Ibrahim Senen of Darmawan & Co. law firm said that
\nJIHD lawyer Hotman Paris Hutapea submitted early this month to
\nthe South Jakarta Court a forged ISDA master agreement document,
\nin an attempt to prevent JIHD from settling the dispute in the
\nLondon arbitration court.<\/p>\n
ISDA stands for International Swaps and Derivatives
\nAssociation. The ISDA document contains a general agreement
\nbetween two parties on a swaps and derivatives transaction.<\/p>\n
The ISDA document is normally attached to the so-called
\n\"schedule\" document containing details of the transaction
\nagreement including a clause stipulating that any dispute or
\nbreach of contract is to be resolved in the London arbitration
\ncourt (in the BTI-JIHD case).<\/p>\n
Senen said that Hotman submitted to the court an ISDA
\ndocument, but without the \"schedule\" document.<\/p>\n
Senen pointed out that the schedule document had been ripped
\noff from the ISDA master agreement document in such a way that
\nthe seal of the ISDA document had been broken.<\/p>\n
He said that the ISDA document and its schedule document are
\nfixed by a special binding machine with a special seal.<\/p>\n
Senen showed to reporters the original ISDA document and its
\nspecial seal, and showed a copy of the document submitted by
\nHotman in which the seal has been broken.<\/p>\n
JIHD filed a lawsuit against BTI early this year in the
\nJakarta court accusing the latter of breaching a derivative
\ntransaction agreement.<\/p>\n
Senen said that JIHD and BTI entered a currency and interest
\nrate swap transaction worth Rp 242 billion in July 1997
\n(equivalent to US$100 million at the time).<\/p>\n
After the rupiah tumbled in value against the U.S. dollar,
\nJIHD could not keep with the derivative contract, he said.<\/p>\n
But JIHD then made the law suit demanding BTI pay Rp 6.4
\ntrillion and $50 million claiming that it had suffered financial
\nloss because BTI had breached the contract including by not
\nproviding information on the currency crisis, Senen said.<\/p>\n
Senen said, however, that South Jakarta Court judge J.M.T.
\nSimatupang declined to verify the originality of the document
\nsubmitted by Hotman.<\/p>\n
He smells something fishy going on, particularly as similar
\ncases involving Hotman and Simatupang also resulted in a
\n\"controversial\" ruling.<\/p>\n
Senen said that according to the law, if the document
\nsubmitted by Hotman was forged, the court should step aside and
\nlet the London arbitration court process the dispute.<\/p>\n
Meanwhile, Hotman denied Friday the allegations made by Senen.<\/p>\n
\"I will sue them if they accuse me of forging evidence,\" he
\ntold The Jakarta Post by phone.<\/p>\n
\"I received the evidence as it was from my client. They (BTI
\nlawyers) are junior lawyers who don't understand civil law,\" he
\nsaid.<\/p>\n
Hotman added the document should be treated as a \"concept\"
\nbecause there weren't any signatures on the schedule document
\n(the one in the hands of BTI).<\/p>\n
\"Can you forged a concept,\" Hotman said.(rei)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/bankers-trust-accuses-jihd-of-forging-evidence-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }