IBRA's account freezed<\/p>\n
JAKARTA (JP): In an unprecedented move, the South Jakarta
\nDistrict Court has temporarily suspended the bank account of the
\nIndonesian Bank Restructuring Agency (IBRA) in Bank Central Asia
\nuntil a dispute with finance company PT Hanil Bakrie Finance is
\nlegally settled.<\/p>\n
The court also suspended a US$6.54 million account of finance
\nfirm PT Ongko Akita Finance in the now defunct Bank Umum Nasional
\n(BUN), which is guaranteed by IBRA, an agency under the Ministry
\nof Finance.<\/p>\n
\"There are enough reasons according to the law, to grant the
\nappeal of the plaintiff for the suspension,\" the court said in
\nits ruling issued on Monday.<\/p>\n
Hanil filed suit on Sept. 22 against IBRA for the latter's
\nalleged failure to pay $4.5 million in a guaranteed claim.<\/p>\n
Under the government blanket guarantee program, all
\nobligations of closed-down banks, including interbank loans, are
\nguaranteed by IBRA.<\/p>\n
Hanil extended a $4.5 million loan to Ongko Akita Finance with
\nBUN as the loan guarantor in October 1997. BUN is a sister
\ncompany of Ongko Akita.<\/p>\n
BUN was among the many banks closed down last year by the
\ngovernment in a bid to restructure the country's ailing banking
\nsector.<\/p>\n
Hanil has argued that under the government blanket guarantee
\nprogram, IBRA was obliged to pay the matured debt of closed-down
\ncommercial banks. (rei)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ibras-account-freezed-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}