Aster denies bankruptcy report

JAKARTA (JP): Taira Faisal & Panggabean law firm denied on Thursday that its client PT Aster Dharma Industri was declared bankrupt by the Supreme Court.

"As of Aug. 26, the Supreme Court has not officially issued a verdict declaring PT Aster Dharma bankrupt," the law firm said in a statement responding to a report in The Jakarta Post on Thursday.

Quoting a court source, the article said the Supreme Court declared Aster bankrupt, overruling the decision on the listed company made by the Jakarta Commercial Court.

The law firm said the bankruptcy decision against his client would have to await the Supreme Court's official pronouncement.

The Singapore-based Overseas-Chinese Banking Corporation Limited and Industrial & Commercial Bank Limited filed a bankruptcy suit against the plastic packaging company in the Jakarta Commercial Court in May.

The plaintiffs appealed to the Supreme Court after the commercial court turned down its bankruptcy petition which stemmed from failure to guaranty a debt of a subsidiary. (udi)