Receiver to report Prudential directors<\/p>\n
Abdul Khalik, The Jakarta Post, Jakarta<\/p>\n
The lawyer appointed by the court to safeguard the assets of PT
\nPrudential Life Assurance threatened on Wednesday to report the
\ncompany's directors to the police for obstructing him from
\ncarrying out his duties.<\/p>\n
Yuhelson, the court-appointed receiver, said that since the
\nbankruptcy verdict was handed down on April 23, he had not been
\nable to meet with the directors to transfer assets, as required
\nby law. He complained that he even had difficulty in locating
\nthem.<\/p>\n
\"They have intentionally avoided meeting with us. When I
\ncalled, they pretended to be busy. I went to the company's office
\nand found that the building was locked up,\" Yuhelson told The
\nJakarta Post on Wednesday.<\/p>\n
According to Articles 12 and 24 of Law No. 4\/1998 on
\nbankruptcy, the bankrupt company loses its right to manage its
\nassets and a receiver is assigned with authority to take care all
\nof the company's assets, even though an appeal may have been
\nlodged with a higher court.<\/p>\n
\"There are a lot of company's assets that could easily change
\nhands. The longer it takes for the assets transfer the greater
\nthe risk the assets will decrease in value,\" said Yuhelson while
\nstressing that his main duty as a receiver was to keep the
\ncompany's assets intact.<\/p>\n
He said that there was an indication that the directors could
\nhave committed a crime over the last few days by prolonging the
\nassets transfer. He added that he could also ask the police to
\ndetain them, based on Article 84 of Law No.4\/1998.<\/p>\n
The lawyer for Prudential, Ricardo Simanjuntak, denied the
\naccusation, saying that the receiver could at any time take over
\nthe company's assets. Instead, he complained that the receiver
\nwas too aggressive.<\/p>\n
\"They keep threatening us although we have complied with what
\nthey want. If they want to take the assets then all they have to
\ndo is come and get them,\" said Ricardo.<\/p>\n
He complained that the receiver's move to place large
\nadvertisements in several newspapers was a waste of company money
\nas it was unnecessary.<\/p>\n
\"They have also scared the employees by dismissing four of
\nthem. Now, employees are wondering if they will suffer the same
\nfate,\" said Ricardo.<\/p>\n
Ricardo said that he had submitted a letter asking the court
\nto replace Yuhelson with Andrey Sitanggang on the basis that
\nYuhelson was a former partner of Lucas, the lawyer of Lee Boo
\nSiong, who initially brought the bankruptcy petition against
\nPrudential. Ricardo added that Yuhelson was no longer a member of
\nthe Indonesian Association of Receivers (AKPI). He argued that
\nboth matters were against the regulations.<\/p>\n
The commercial court declared Prudential bankrupt on Friday
\nafter a former agent, Malaysian Lee, filed a suit on April 7,
\naccusing the company of failure to pay him bonuses, demanding
\ncompensation of about Rp 366 billion (US$44 million).<\/p>\n
Prudential, which closed its offices temporarily on Monday,
\nhas appealed to the Supreme Court.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/receiver-to-report-prudential-directors-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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