Ometraco in process of liquidation, lawyer says<\/p>\n
JAKARTA (JP): PT Ometraco Corporation told the Jakarta
\nCommercial Court on Thursday to turn down a bankruptcy petition
\nfiled by the Indonesian Bank Restructuring Agency (IBRA) as the
\ncompany was already in the process of liquidation.<\/p>\n
\"Ometraco cannot be declared bankrupt again here,\" said
\ncompany lawyer Leonard Simorangkir during a court hearing.<\/p>\n
He said the company had declared itself bankrupt and
\nregistered the self-liquidation notice at the South Jakarta
\nDistrict Court on April 5.<\/p>\n
The lawyer representing IBRA, Benny K. Harman, said the self-
\nliquidation notice at the other court did not automatically
\nabolish the rights of the creditors to file at the Commercial
\nCourt.<\/p>\n
\"Ometraco's legal status as a company has not been written
\noff, so it can still be taken to the bankruptcy court,\" he said.<\/p>\n
The 1998 Bankruptcy Law stipulates that parties that can file
\nfor bankruptcy are individuals and companies which have legal
\nnames.<\/p>\n
Benny said the move by Ometraco to liquidate itself was done
\nto anticipate IBRA's efforts in suing the company at the Jakarta
\nCommercial Court.<\/p>\n
\"The company's move to liquidate itself under the South
\nJakarta Court was based on bad faith,\" said Benny.<\/p>\n
He said the liquidation process under the South Jakarta Court
\nwas supervised by the concerned company's shareholders, while
\nunder the Commercial Court it would be under the creditors of the
\nsuing company.<\/p>\n
\"For the creditors' sake, the liquidation process under the
\nCommercial Court would indeed be more preferable than at the
\nSouth Jakarta Court,\" he said.<\/p>\n
Ometraco owes IBRA $53.18 million. It operated its business on
\nbanks, property and telecommunications. The next hearing for
\nOmetraco will continue on Monday.<\/p>\n
Meanwhile at a separate hearing at the Jakarta Commercial
\nCourt on Thursday, crude palm oil producer PT Sumi Asih denied
\nits debts to IBRA stood at $6.73 million, saying that the true
\namount should be $1.4 million.<\/p>\n
Sumi Asih and Ometraco are two of three companies that IBRA
\ntook to Jakarta Commercial Court in late March after they failed
\nto settle their matured debts.<\/p>\n
The other is A Latief Corp., which owes IBRA $16.93 million.
\n(udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ometraco-in-process-of-liquidation-lawyer-says-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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