Fri, 16 Jul 1999

Court rejects Bankers Trust's request for judge replacement

JAKARTA (JP): The head of the South Jakarta District Court has rejected a demand by the United Kingdom-based Bankers Trust International PLC that the judge presiding over its civil lawsuit case against PT Jakarta International Hotel & Development (JIHD) be replaced to ensure a fair trial.

"There is no legal reason to fulfill the defendant's request," head of the court, Soenarto, said in a decision dated July 8, disclosed on Thursday by Bankers Trust lawyers.

The defendant's lawyer, Ibrahim Senen of Dermawan and Co. law firm, said he was surprised by the court's one-page document decision. He said it did not address any of the defendant's arguments regarding replacement of the presiding judge.

"We are really upset and consider the decision quite unexpected," he said.

Ibrahim said the right to challenge a judge presiding over an ongoing case was clearly stipulated in Law No. 14/1970 regarding the power of the judiciary.

"The law was enacted to serve as an effective mechanism to control judges who act outside the law," he said, alleging that presiding judge J.M. Simatupang appeared to be biased in favor of the plaintiff.

The plaintiff's lawyer, Hotman Paris Hutapea, said the court's decision to reject the request was in accordance with the law.

Bankers Trust filed the request late last month on the grounds that presiding judge Simatupang violated civil procedural law and administered unfair treatment during the court hearings.

The defendant filed the same request in relation to its civil litigation suit against PT Mayora Indah.

Judge Simatupang is presiding over both cases.

Mayora and JIHD, both listed on the Jakarta Stock Exchange, filed lawsuits at the South Jakarta District Court against Bankers Trust last year. Lawyers acting on behalf of the plaintiffs claimed the bank had concluded high risk banking transactions (derivative contracts) for the firms without prior financial advice.

The plaintiffs claimed the transactions had led to great financial losses.

The derivative contract between Mayora and Bankers Trust, which was signed in 1997 and falls due in 2004, requires Mayora to exchange US$50 million in rupiah at an agreed rate with Bankers Trust.

The contract with JIHD, signed in 1995, bears different maturity dates, ranging from 2002 to 2005, with a net delivery value of $88 million.(udi)





News Search/Filter
Transaction Rates
17 Oct 18
Buy
Sell
AED1
4,141.07
4,141.07
AFN1
200.00
200.00
ALL1
140.59
140.59
AMD1
31.42
31.42
ANG1
8,569.33
8,569.33
AOA1
50.52
50.52
ARS1
423.53
423.53
AUD1
10,858.36
10,858.36
AWG1
8,448.12
8,448.12
AZN1
8,934.44
8,934.44
BAM1
9,004.48
9,004.48
BBD1
7,605.45
7,605.45
BDT1
179.57
179.57
BGN1
9,003.57
9,003.57
BHD1
40,350.42
40,350.42
BIF1
8.49
8.49
BMD1
15,210.90
15,210.90
BND1
10,785.86
10,785.86
BOB1
2,200.85
2,200.85
BRL1
4,083.13
4,083.13
BSD1
15,210.90
15,210.90
BTC1
97,397,904
97,397,904
BTN1
206.69
206.69
BWP1
1,429.32
1,429.32
BYN1
7,214.06
7,214.06
BZD1
7,568.80
7,568.80
CAD1
11,758.18
11,758.18
CDF1
9.31
9.31
CHF1
15,357.25
15,357.25
CLF1
607,270.04
607,270.04
CLP1
22.74
22.74
CNH1
2,200.65
2,200.65
CNY1
2,200.64
2,200.64
COP1
4.91
4.91
CRC1
25.61
25.61
CUC1
15,210.90
15,210.90
CUP1
590.71
590.71
CVE1
159.44
159.44
CZK1
681.55
681.55
DJF1
85.45
85.45
DKK1
2,360.18
2,360.18
DOP1
304.54
304.54
DZD1
128.68
128.68
EGP1
849.34
849.34
ERN1
1,014.18
1,014.18
ETB1
545.75
545.75
EUR1
17,609.16
17,609.16
FJD1
7,139.77
7,139.77
FKP1
20,059.76
20,059.76
GBP1
20,059.76
20,059.76
GEL1
6,188.94
6,188.94
GGP1
20,059.76
20,059.76
GHS1
3,137.58
3,137.58
GIP1
20,059.76
20,059.76
GMD1
307.55
307.55
GNF1
1.67
1.67
GTQ1
1,968.42
1,968.42
GYD1
72.76
72.76
HKD1
1,940.85
1,940.85
HNL1
631.87
631.87
HRK1
2,374.42
2,374.42
HTG1
213.80
213.80
HUF1
54.70
54.70
IDR1
1.00
1.00
ILS1
4,177.22
4,177.22
IMP1
20,059.76
20,059.76
INR1
207.04
207.04
IQD1
12.76
12.76
IRR1
0.35
0.35
ISK1
128.88
128.88
JEP1
20,059.76
20,059.76
JMD1
113.78
113.78
JOD1
21,438.80
21,438.80
JPY1
135.39
135.39
KES1
150.69
150.69
KGS1
221.92
221.92
KHR1
3.72
3.72
KMF1
35.79
35.79
KPW1
16.90
16.90
KRW1
13.54
13.54
KWD1
50,187.90
50,187.90
KYD1
18,253.04
18,253.04
KZT1
41.42
41.42
LAK1
1.78
1.78
LBP1
10.07
10.07
LKR1
89.02
89.02
LRD1
96.88
96.88
LSL1
1,054.49
1,054.49
LYD1
10,999.87
10,999.87
MAD1
1,611.46
1,611.46
MDL1
892.72
892.72
MGA1
4.29
4.29
MKD1
286.31
286.31
MMK1
9.50
9.50
MNT1
6.11
6.11
MOP1
1,884.09
1,884.09
MRO1
42.60
42.60
MRU1
423.70
423.70
MUR1
442.82
442.82
MVR1
984.52
984.52
MWK1
20.91
20.91
MXN1
811.05
811.05
MYR1
3,662.25
3,662.25
MZN1
251.38
251.38
NAD1
1,054.02
1,054.02
NGN1
41.81
41.81
NIO1
473.40
473.40
NOK1
1,867.72
1,867.72
NPR1
129.18
129.18
NZD1
10,014.09
10,014.09
OMR1
39,511.39
39,511.39
PAB1
15,210.90
15,210.90
PEN1
4,565.70
4,565.70
PGK1
4,534.33
4,534.33
PHP1
282.56
282.56
PKR1
115.16
115.16
PLN1
4,107.61
4,107.61
PYG1
2.55
2.55
QAR1
4,177.67
4,177.67
RON1
3,773.49
3,773.49
RSD1
149.01
149.01
RUB1
232.85
232.85
RWF1
17.28
17.28
SAR1
4,054.77
4,054.77
SBD1
1,916.18
1,916.18
SCR1
1,116.88
1,116.88
SDG1
322.30
322.30
SEK1
1,707.13
1,707.13
SGD1
11,066.47
11,066.47
SHP1
20,059.76
20,059.76
SLL1
1.81
1.81
SOS1
26.27
26.27
SRD1
2,039.54
2,039.54
SSP1
116.77
116.77
STD1
0.72
0.72
STN1
716.81
716.81
SVC1
1,738.55
1,738.55
SYP1
29.53
29.53
SZL1
1,056.27
1,056.27
THB1
468.00
468.00
TJS1
1,613.89
1,613.89
TMT1
4,345.98
4,345.98
TND1
5,385.33
5,385.33
TOP1
6,596.53
6,596.53
TRY1
2,671.83
2,671.83
TTD1
2,256.63
2,256.63
TWD1
495.16
495.16
TZS1
6.64
6.64
UAH1
544.65
544.65
UGX1
4.02
4.02
USD1
15,210.90
15,210.90
UYU1
461.08
461.08
UZS1
1.85
1.85
VEF1
0.06
0.06
VND1
0.65
0.65
VUV1
136.84
136.84
WST1
5,816.37
5,816.37
XAF1
26.84
26.84
XAG1
222,976.18
222,976.18
XAU1
18,633,729.83
18,633,729.83
XCD1
5,628.35
5,628.35
XDR1
21,279.99
21,279.99
XOF1
26.84
26.84
XPD1
16,482,705.56
16,482,705.56
XPF1
147.56
147.56
XPT1
12,817,490.07
12,817,490.07
YER1
60.75
60.75
ZAR1
1,072.69
1,072.69
ZMW1
1,258.28
1,258.28
ZWL1
47.18
47.18
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services