Court rejects bankruptcy petition against PT Jasindo<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court rejected on Tuesday
\na bankruptcy petition filed by Taiwan-based Chinatrust Commercial
\nBank (CCB) against state-owned general insurance company PT
\nAsuransi Jasa Indonesia (Jasindo).<\/p>\n
Presiding judge Mahdi S. Nasution said in the verdict that the
\nplaintiff had failed to show adequate proof for it's claim that
\nit was a valid creditor to Jasindo.<\/p>\n
The plaintiff's lawyer, Rahmat Bastian from Dermawan & Co. law
\nfirm, argued that his client held adequate proof in the form of a
\ncertificate of ownership of a US$5 million promissory note issued
\nby a custodian company.<\/p>\n
\"According to the guarantee agreement with Jasindo, the
\nownership certificate issued by the custodian company is a strong
\nlegal document proving that my client is a valid creditor,\"
\nRahmat said.<\/p>\n
PT Tripatria Citra Sarana issued in May 1997 promissory notes
\nworth US$50 million. The Singaporean branch of the Union Bank of
\nSwitzerland (UBS) acted as the underwriting agent, with Jasindo
\nas its trustee or guarantor.<\/p>\n
UBS then sold these promissory notes to several parties,
\nincluding CCB, which bought $5 million of the total $50 million.<\/p>\n
The promissory notes were deposited by the purchasers in a
\ncustodian company called Euroclear, which subsequently issued a
\ncertificate of ownership to every corresponding purchaser of the
\nnotes.<\/p>\n
Jasindo's lawyer, Lucas S. Halim from Lucas S.H. & Partners,
\nsaid transaction of the promissory note purchasing agreement --
\ninvolving UBS, Tripatria and Jasindo -- was biased against
\nJasindo.<\/p>\n
\"Why did Jasindo have to take over all those debts?\" he said.<\/p>\n
Rahmat said he would appeal the verdict to the Supreme Court.<\/p>\n
CCB filed in late August a bankruptcy claim against Jasindo at
\nthe Jakarta Commercial Court, claiming that Jasindo as a debt
\nguarantor had failed to take over a matured $5 million promissory
\nnote issued by Triapatria. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/court-rejects-bankruptcy-petition-against-pt-jasindo-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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