Prudential agents urge revision of flawed laws<\/p>\n
Urip Hudiono, The Jakarta Post, Jakarta<\/p>\n
About 200 agents of PT Prudential Life Assurance rallied
\noutside the Ministry of Finance on Thursday in support of the
\nministry's demand that Law No. 4\/1998 on bankruptcy be amended.<\/p>\n
Heavy rain during the day did not stop the insurance agents
\nfrom staging the demonstration, which was also aimed at
\nprotesting the commercial court declaring the insurance company
\nbankrupt.<\/p>\n
They also demanded that lawyer Yuhelson, who was appointed by
\nthe court as receiver of the insurance company's assets, be
\nreplaced by an independent caretaker.<\/p>\n
TEJ Timothius, one of the coordinators of the rally, explained
\nthat the agents held the demonstration in the interest of their
\ncustomers.<\/p>\n
\"Several of our customers, especially those who are sick, need
\ntheir insurance coverage right away,\" he said. \"How will we will
\nwe address their claims if the company's operations continue to
\nbe disrupted by the bankruptcy case?\"<\/p>\n
Timothius also said that the agents were demonstrating for the
\nsake of their own livelihoods.<\/p>\n
\"There are currently 8,500 agents working for Prudential,\" he
\nsaid. \"This means that the lives of some 30,000 people or more
\ncould be affected if Prudential is closed down.\"<\/p>\n
Timothius said the agents were demanding that Yuhelson be
\nreplaced as receiver because they had learned that he had links
\nwith the lawyer of Lee Boo Siong, who filed the bankruptcy suit
\nagainst Prudential.<\/p>\n
The commercial court declared Prudential bankrupt last Friday,
\nfollowing Lee's suit. The insurance company, however, has
\nappealed to the Supreme Court.<\/p>\n
The Ministry of Finance reiterated calls for the accelerated
\namendment of the Bankruptcy Law, which the ministry has claimed
\nis flawed, since a solvent company can be declared bankrupt due
\nto a petition filed by a single creditor.<\/p>\n
The ministry has also demanded a final say when closing down
\nan insurance company, a similar role played by the central bank
\nwhen deciding the fate of banks.<\/p>\n
Meanwhile, Coordinating Minister for the Economy Dorodjatun
\nKuntjoro-Jakti said on Thursday that the government would discuss
\nways to help Prudential, but would not interfere in the legal
\nprocess.<\/p>\n
He declined to provide details on the planned measures, saying
\nonly that it would be unveiled next week.<\/p>\n
Dorodjatun previously warned that the Prudential case could
\nhurt foreign investors' sentiment in the country.<\/p>\n
Prudential is controlled by UK-based Prudential Assurance
\nCompany.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/prudential-agents-urge-revision-of-flawed-laws-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}