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.