Banks file bankruptcy claim against Indomobil subsidiary

JAKARTA (JP): At least 12 overseas and local banks have filed a joint bankruptcy claim in the Jakarta Commercial Court against PT Bringin Indotama Finance, part of the Indomobil Group, for defaulting on debt payments.

The banks are BRI Finance Limited, the Hong Kong subsidiary of state Bank Rakyat Indonesia (BRI), the Hong Kong branch of state Bank Pembangunan Indonesia (Bapindo), Bank Indonesia Raya (Bank Bira), AB Capital Markets Ltd of Hong Kong, Kumho Merchant Bank of South Korea, the Singapore branch of Bank of India, Hanmi Leasing & Finance Limited of Hong Kong, KIMB Finance Limited of Hong Kong, Korea Industrial Company of Hong Kong, Cho hung Leasing & Finance and Hanil Leasing and Finance of Hong Kong.

According to a document made available to The Jakarta Post by Joni Aris Bangun of Hanafiah & Ponggawa law firm, the plaintiff's lawyer, Bringin Indotama failed to pay a total debt of US$20 million, due on Dec. 24 last year, to the creditors.

"The debtor failed to pay the loan on the due date and therefore the creditors have lodged a bankruptcy petition against it," Joni said in the statement.

He said Bringin Indoatama, a multifinance arm of Indomobil, also obtained a significant loan from other creditors including Bank Bali, Bank Rakyat Indonesia, Bank Danamon and Bank Internasional Indonesia (BII).

Two construction firms, PT Jaya Readymix and PT Primacoat Lestari, have also jointly filed a bankruptcy petition against state-owned PT Hutama Karya in the same court for the latter's failure to pay a construction bill totaling Rp 2.36 billion ($315,626).

The plaintiff's lawyer, Herry Wibowo of A. Teras Narang and Associates, told the Post on Wednesday that the construction firms were forced to take Hutama Karya to court because it had not shown any good intent to meet its obligation.

"Though my clients have completed their work, Hutama Karya did not pay the construction fee to my clients."

Herry said the two construction firms were involved in construction of property projects owned by PT Hutama Karya between 1996 and 1997.

In another development, the commercial court declared property developer PT Indra Maju Lestari on Friday last week after it failed to reach agreement with creditors over debt payment.

"Since the company did not provide any good debt restructuring plan, the creditors rejected its plan and asked the court to declare it bankrupt," said Gunawan Tjahyadi, the plaintiff's lawyer.

Presiding judge Ch. Kristi Purnami Wulan declared the property bankrupt after its failure to reach an agreement with its creditors.

The commercial court approved early last month Indra Maju'sproposal to temporarily suspend the payment of its debt to construction firm PT Lukindo Technics pending settlement of the debt.

Construction firm Lukindo Technics, which was involved in building an apartment on Jl. Kartini in Central Jakarta owned by Indra Maju, filed a bankruptcy petition in late September after Indra Maju failed to pay construction fees worth Rp 8.12 billion and $444,410 due to be paid on Aug. 25 last year. (aly)