CCB cancels bankruptcy claim

JAKARTA (JP): Chinatrust Commercial Bank (CCB) of Taiwan has canceled its bankruptcy claim against state-owned property firm PT Rajawali Nusantara Indonesia (RNI) after the two companies reached an out-of-court agreement to settle their debt dispute.

"My client has approved RNI's debt settlement proposal offered to them," the plaintiff's lawyer, Rahmat Bastian, said.

On May 12, CCB filed a bankruptcy claim against RNI for failing to pay US$5 million in promissory notes which matured on Jan. 14.

RNI is majority owned by the government and PT Abadi Guna Papan, a company controlled by former president Soeharto's son Bambang Trihatmodjo. (udi)