{
    "success": true,
    "data": {
        "id": 1193630,
        "msgid": "dharmala-to-appeal-london-ruling-1447893297",
        "date": "1995-12-05 00:00:00",
        "title": "Dharmala to appeal London ruling",
        "author": null,
        "source": "",
        "tags": null,
        "topic": null,
        "summary": "Dharmala to appeal London ruling JAKARTA (JP): Publicly-listed investment holding firm PT Dharmala Sakti Sejahtera announced yesterday that it will appeal a London court's ruling on a US$69-million financial dispute between the company and Bankers Trust New York Corp. Dharmala said in a statement that it noted with \"deep regret\" the decision of the English High Court of Justice in London, which ruled in favor of Bankers Trust.",
        "content": "<p>Dharmala to appeal London ruling<\/p>\n<p>JAKARTA (JP): Publicly-listed investment holding firm PT<br>\nDharmala Sakti Sejahtera announced yesterday that it will appeal<br>\na London court's ruling on a US$69-million financial dispute<br>\nbetween the company and Bankers Trust New York Corp.<\/p>\n<p>Dharmala said in a statement that it noted with \"deep regret\"<br>\nthe decision of the English High Court of Justice in London,<br>\nwhich ruled in favor of Bankers Trust.<\/p>\n<p>\"In this case, Dharmala Sakti will appeal to prove that this<br>\nderivatives transaction represents problem sale practices<br>\nconducted by Bankers Trust with its other customers,\" the<br>\nstatement said. \"Dharmala will pursue any possible way in line<br>\nwith the existing law to seek justice.\"<\/p>\n<p>Bankers Trust was sued by several clients after derivatives<br>\ntransactions went sour. Bankers Trust is currently in a legal<br>\nbattle with Procter &amp; Gamble Co. Earlier this year, it settled a<br>\ndispute with Gibson Greeting Inc.<\/p>\n<p>Dharmala said the Central Jakarta District Court, the first<br>\ncourt to handle the dispute, ruled in its favor on May 30. The<br>\ncourt required Bankers Trust to pay it $1.7 million. The Jakarta<br>\nHigh Court then reaffirmed the decision on Nov. 21.<\/p>\n<p>Bankers Trust initiated its counter suit in mid-July.<\/p>\n<p>In its letter to the directors of the Jakarta Stock Exchange,<br>\ndated July 25, Dharmala said it acted as an arranger for PT<br>\nDeemti Sakti Indo in a financial transaction with Bankers Trust<br>\nvalued at $50 million.<\/p>\n<p>Dharmala said the dispute began when there were differences in<br>\nfinancial calculations, which resulted from unclear information<br>\nprovided by Bankers Trust.<\/p>\n<p>Dharmala contends that Bankers Trust misrepresented the terms<br>\nof the derivatives contracts agreed to in early last year.<\/p>\n<p>Dharmala said Bankers Trust once offered to settle the dispute<br>\nby asking it to pay Bankers Trust $5 million. Dharmala rejected<br>\nthe offer, saying that based on its calculation, Bankers Trust<br>\nhad to pay $320,000 to Dharmala, \"not the other way around.\"<\/p>\n<p>However, as reported by Reuters, Bankers Trust said that it<br>\nhad not misled Dharmala and accused Dharmala of trying to escape<br>\nfrom the contracts.<\/p>\n<p>Dharmala assured yesterday that the London court ruling would<br>\nhave no financial impact on the company as it had merely acted as<br>\nan intermediary in the disputed transaction.<\/p>\n<p>Dharmala's loss has not affected its shares on the Jakarta<br>\nStock Exchange. Dharmala Sakti closed at Rp 1,200 yesterday,<br>\nunchanged from Friday's close. (rid)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/dharmala-to-appeal-london-ruling-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}