Anggada's Hartadi wins appeal

Anggada's Hartadi wins appeal

SINGAPORE (AP): A U.S. corporation has lost a battle in a Singapore lawsuit against an Indonesian property developer, with the judge ruling that the case should be heard in New York or Jakarta, a news report said Wednesday.

The city-state's Court of Appeal dismissed an appeal by American firm Lehman Brothers Special Financing in its case against Indonesian property developer Hartadi Angkosubroto, The Straits Times newspaper said.

Lehman Brothers filed the appeal against an earlier Singapore High Court decision that suspended Lehman's proceedings against Hartadi Angkosubroto, also known as Ang Tiong Hiap, a permanent resident of Singapore.

Lehman had claimed US$14.2 million in money owed by Hartadi, including interest, from a derivatives contract, and applied to seize his apartment in Singapore until the case was decided.

The U.S. firm claimed the money under Hartadi's personal guarantee for PT Anggada Realty on a derivatives contract. The Indonesian is Anggada's president director.

Hartadi had earlier taken contract-law legal action against Lehman Brothers in Jakarta, winning the case and invalidating his personal guarantee.