Nirwan Bakrie fights bankruptcy suit<\/p>\n
JAKARTA (JP): The law firm representing Nirwan D. Bakrie said
\non Friday that the bankruptcy suit filed by Sinar Mas Multi
\nFinance (SMF) against the prominent businessman at the Jakarta
\nCommercial Court was invalid.<\/p>\n
The Fuady, Tommy, Aji Wijaya law firm said in a statement made
\navailable to The Jakarta Post that the suit was invalid because
\nSMF was the party responsible for Bakrie Capital Indonesia's
\n(BCI) inability to repay the matured debts to the finance company
\nowned by the Sinar Mas Group of the Eka Tjipta family.<\/p>\n
The law firm claimed that SMF failed to meet its obligation to
\ndisburse the committed Rp 100 billion total loan facility as set
\nout in the \"factoring facility agreement\" between BCI and the
\nfinance company.<\/p>\n
Factoring is a loan facility which is used by the borrower to
\nfinance its accounts receivable.<\/p>\n
\"SMF, without giving any reason, only disbursed Rp 60 billion
\nof the Rp 100 billion committed total loan facility to us,\" the
\nstatement said.<\/p>\n
Because of that, BCI could not carry out its planned corporate
\nprogram. This, according to the law firm, in turn, directly
\nresulted in the disruption of BCI's ability to repay the
\ndisbursed portion of the loan.<\/p>\n
BCI's loan was based on the security in the form of personal
\nguarantee issued by its shareholder Nirwan D. Bakrie.<\/p>\n
Meanwhile, Central Jakarta District Court, in its preliminary
\nverdict in late December, 1999, issued an injunction ordering SMF
\nto temporarily refrain from any effort to retain its receivables
\nfrom BCI until there was a final court verdict on the dispute.<\/p>\n
BCI filed a law suit against SMF last year, claiming that the
\nfinance company had caused BCI to incur losses due to the
\nincompleteness of the loan disbursement.<\/p>\n
The lawyer representing SMF, Benny Harman from Abdul Hakim G.
\nNusantara law firm, said the Central Jakarta District Court's
\ninjunction was strange as it was issued without considering
\nwhether there was an urgency for it.<\/p>\n
\"The injunction should only be issued after considering that
\nthere is an urgent situation that the court requires one party to
\ndo or to refrain from doing a specific act,\" he said.<\/p>\n
He also claimed that the injunction was being manipulated in
\nfavor of the borrowers who were not settling their matured debts
\nto their creditors in good faith.<\/p>\n
\"How come the creditors lose the right to collect their
\nreceivables at the time when it matures?\" Benny queried. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/nirwan-bakrie-fights-bankruptcy-suit-1447893297",
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