Polysindo survives bankruptcy claim<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court rejected on
\nWednesday the bankruptcy petition filed by Inter Pacific Bank
\nagainst publicly listed textile concern PT Polysindo Eka Perkasa.<\/p>\n
\"The plaintiff has failed to present valid proof that
\nPolysindo has more than one creditor,\" presiding judge Mahdi
\nSoroinda Nasution said when reading the court's verdict.<\/p>\n
He said in the eyes of the court Polysindo had only one
\ncreditor, and the bankruptcy law stipulates a party must have at
\nleast two creditors to be declared bankrupt.<\/p>\n
The plaintiff failed to provide valid documents on the
\nexistence of other creditors, Mahdi said.<\/p>\n
According to the 1998 Bankruptcy Law, a plaintiff must prove a
\nclaimed party has at least one matured debt and two creditors for
\na bankruptcy suit to be accepted.<\/p>\n
\"However, the court accepts the fact that Polysindo has one
\nmatured debt with the plaintiff (Inter Pacific Bank),\" Mahdi
\nsaid.<\/p>\n
The plaintiff's lawyer, Benny K. Harman from Abdul Hakim G.
\nNusantara & Partners, expressed surprise with the court's
\ndecision in the face of what he saw as clear evidence that
\nPolysindo had more than one creditor.<\/p>\n
Benny said he submitted a newspaper article containing an
\nofficial report from the board of directors of state Bank Negara
\nIndonesia in June on the bank's list of debtors.<\/p>\n
\"The 116 companies on the list published by BNI included
\nPolysindo as one of the borrowers,\" Benny said.<\/p>\n
Benny also said Polysindo's debts with BNI were public
\nknowledge following the intense media coverage of the Texmaco
\nGroup loan scandal with the bank.<\/p>\n
The Texmaco Group case centers on some Rp 9.8 trillion in
\nloans the group received from the bank. It is alleged then
\npresident Soeharto used his influence to secure the loans for the
\ngroup.<\/p>\n
\"It (Polysindo's debt with BNI) is a fact which does not
\nrequire further proof because it is public knowledge,\" Benny
\nsaid.<\/p>\n
Benny said he would appeal the decision to the Supreme Court
\nwithin eight days. \"The truth is Polysindo has two creditors, or
\neven a lot more, and everybody knows that.\" (udi)<\/p>",
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