Court freezes Senayan's assets<\/p>\n
Urip Hudiono, The Jakarta Post, Jakarta<\/p>\n
The Central Jakarta District Court has slapped an asset
\npreservation order on the management of Senayan Square complex in
\norder to stop it disposing of assets before a court case began.<\/p>\n
Acting on the order issued by Judge Mulyani on Oct. 15, court
\nbailiff Jeri D. Rampen officially declared on Thursday the site's
\n20 hectares of land and all its buildings now under the court's
\nsupervision, pending a case between the state Bung Karno Sports
\nComplex Management Board, and Senayan Square owners Kojima
\nOverseas Asia Pte. Ltd, a Singapore-based subsidiary of Japanese
\nreal estate company Kojima Corporation.<\/p>\n
The frozen assets include the upmarket Plaza Senayan mall, the
\nSentral Senayan office building, the Plaza Senayan apartment
\ntowers, their parking and food court buildings, and the Plaza
\nSenayan Annex Living Stone building, which is currently under
\nconstruction.<\/p>\n
\"Customers can still visit the shopping mall and tenants can
\nstill carry out their business as usual,\" said Teguh Budiono, the
\nlegal affairs manager of Senayan Square management PT Senayan
\nTrikarya Sempana, an affiliate of Kojima.<\/p>\n
Representatives of Kojima and Senayan Trikarya expressed their
\ndisappointment about the asset preservation order as they said
\nthey had never received a summons from the court.<\/p>\n
The seizure was unnecessary as the assets were fixed and could
\nnot possibly be removed in an attempt to encumber the trial, they
\nsaid.<\/p>\n
The Bung Karno board filed a civil suit on Oct. 5 against
\nKojima, accusing it of reneging on its agreement in July 1989,
\nwhich allowed Kojima to develop 20-hectares of the area under a
\n40-year build, operate and transfer (BOT) scheme, in return for
\nthe funding and construction of the Athletes Center.<\/p>\n
Both parties had agreed to give 70 percent of Senayan
\nTrikarya's to Kojima, while the board had received 10 percent.
\nThe remaining 20 percent is owned by developer PT Aditya
\nWirabakti.<\/p>\n
Bung Karno board executive director Yasidi Hambali said the
\nagreement was unfair. Kojima had yet to create the Athletes
\nCenter, while eight hectares of the site valued at US$34.39
\nmillion also remained undeveloped. The board also considered the
\nSenayan Trikarya's annual rent payment for the site at only
\n$400,000 as undervalued.<\/p>\n
The board has demanded US$225 million in compensation for
\nlosses the state has suffered from the agreement.<\/p>\n
Yasidi did not explain why the board had only recently begun
\nto question the agreement.<\/p>\n
Board lawyers said they ended up bringing the case to court
\nafter attempts to renegotiate the agreement failed, as Kojima and
\nSenayan Trikarya said they could not do so without the consent of
\nparent company Kojima Corporation.<\/p>\n
Kojima and Senayan Trikarya, meanwhile, said the agreement had
\nbeen in effect for 15 years without any previous complaints from
\nthe sports complex management board.<\/p>",
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