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)