Distrust in commercial court<\/p>\n
JAKARTA (JP): Sudjono, deputy chairman of the Indonesian Bar
\nAssociation, deplored the increasing preference among Indonesian
\nbankers to settle disputes with debtors at the high court in
\nSingapore as lack of nationalism.<\/p>\n
However, most lawyers here saw the tendency simply as
\ncreditors' distrust in the seven-month old commercial court in
\nJakarta caused by the controversial decisions the court made over
\nthe past few months which appeared to favor mostly debtors.<\/p>\n
Sudjono made the comment to Antara over the weekend in
\nconnection with the law suit filed by a consortium of nine
\ndomestic and foreign creditors, led by Hong Kong-registered Bali
\nInternational Finance, at the high court in Singapore, against
\nBambang Sutrisno, a former shareholder of the now defunct Bank
\nSurya.<\/p>\n
Bali International, a unit of Bank Bali in Jakarta, and the
\nother creditors sued Sutrisno for the failure of Jakarta-based PT
\nSurya Supratama Finance, to settle its syndicated debt to the
\ncreditor consortium. Sutrisno acted as the guarantor of Surya
\nSupratama's debt by pledging his assets as securities to the
\nsyndicated loan.<\/p>\n
The high court in Singapore decided in favor of the creditors
\nlate last year and issued an injunction prohibiting Sutrisno and
\nhis wife, Gina Widjaja, from disposing their assets in Singapore.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/distrust-in-commercial-court-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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