Bakrie Investindo sued

Bakrie Investindo sued

JAKARTA (JP): An individual named Atas Rifara filed a
bankruptcy suit on Wednesday at the Jakarta Commercial Court
against PT Bakrie Investindo, the majority owner of publicly
listed PT Bakrie & Brothers, a lawyer said.

Dwi Ria Latifa from Rialatifa & Partners law firm said Bakrie
Investindo allegedly failed to repay a Rp 1 billion promissory
note that matured in January 1998.

"We don't see there is hope for Bakrie Investindo to continue
operating as a company, as its total assets are less than half of
its total debts according to its Feb. 1998 balance sheet. The
company is technically bankrupt," Ria said.

The court was to decide on the first hearing of the case early
next week. (udi)