CCB cancels bankruptcy claim

Tue, 18 May 1999, 00:00 WIB | Source: JP

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)

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