Bali to host insolvency forum

JAKARTA (JP): The Ministry of Finance and the Organization for Economic Cooperation and Development will cosponsor a forum for Asian insolvency reform in Denpasar, Bali, from Feb. 8 to Feb. 9.

The ministry's spokesman, Hadiyanto, said on Saturday the forum was expected to provide better solutions for bankruptcy cases in Indonesia.

He said the minister of finance, the minister of justice and human rights, and the attorney general would attend the forum.

"This forum is important to raise foreign investors' confidence," Hadiyanto said.

Many foreign investors have complained that the Indonesian bankruptcy law still had many loopholes which were often abused by loan defaulters to avoid a bankruptcy verdict.(05)