Bahamian investors sue Indonesian firms for bankruptcy

Bahamian investors sue Indonesian firms for bankruptcy

JAKARTA (JP): Five investors from the Bahama Islands have
filed bankruptcy petitions against five Indonesian firms for
unpaid debts totaling some US$100 million.

According to copies of documents obtained by The Jakarta Post,
the bankruptcy petitions were filed by the law office of Bernard
Titus & Partners on behalf of the five Bahamas-based investors.

The five Bahamas investors, being represented by lawyer Titus
Rimo, are Parkway Trading Limited, Comfort Group Limited, Gingo
Investments Limited, Gemmy Investments Limited and Kenya Services
Limited.

The five filed bankruptcy petitions against local firms PT
Sumber Keramik Kharisma Dinamika, PT Kreasi Supradinamika
Multicorpora, PT Widiamulia Prima Multicorpora, PT Metrotama
Dunia and PT Indo Land Jaya.

According to the documents, in 1996 Sumber Keramik issued
promissory notes to Parkway Trading amounting to $42.6 million.
The due date of the notes fell in September 1997.

Kreasi Supradinamika issued promissory notes to Comfort Group
in 1996 amounting to $17.95 million, which also were due in
September 1997.

Widiamulia Prima issued promissory notes to Gingo Investment
in 1996 totaling $16.5 million. These notes came due in October
1997.

Also in 1996, Metrotama Dunia and Indo Land issued promissory
notes worth $11.5 million to Gemmy Investments and Kenya
Services, respectively. Metrotama was due to pay back its debt in
August 1997, while Indo Land's promissory notes were due in
October 1997.

The Bahamas firms are asking the courts to declare the five
local firms bankrupt and to allow them to seize the assets of the
debtors. (bkm)