Court delays bankruptcy claim against Fiskaragung

JAKARTA (JP): The Jakarta Commercial Court delayed on Thursday the first hearing on the bankruptcy petition jointly filed by 10 foreign creditors against publicly listed salt producer PT Fiskaragung Perkasa.

"The court's first hearing is delayed until next week to give more time to the defendant's lawyer to study the case," the presiding judge said.

The defendant's lawyer Harry Ponto of Lontoh & Kailimang said he needed more time to study the case, saying he had only received copies of the bankruptcy claim from his client yesterday afternoon.

"I can't give you any comments on this case yet," Harry said after the court session.

The judge said that according to the bankruptcy law, the court must determine the ruling on a case within 30 days of the claim being filed.

The case was jointly filed on May 14 by the 10 foreign creditors. Hong Kong creditors are Hanil Leasing & Finance (HK) Ltd., Hanmi Leasing and Finance (HK) Ltd., KEB Leasing and Finance Ltd., CBK Leasing and Finance (HK) Ltd., ORIX Asia Limited, Hong Kong First Citicorp Leasing (HK) Ltd. Kyongnam Bank of Korea, and Kookmin Bank, both of South Korea, as well as AMMB International of Malaysia and KDLC Leasing of Singapore are the other creditors.

The plaintiff's lawyer Faisal Tadjuddin of Tiara Faisal & Panggabean law firm said the defendant failed to repay the total debt of US$29 million which matured on May 15, 1998, to the foreign creditors.

"The defendant has also breached an agreement with my clients to not borrow additional funds before the outstanding debt with my clients is fully repaid," Faisal said.

Last week, the defendant Fiskaragung sent a letter to the Jakarta Stock Exchange notifying it of the company's default on some $30 million medium-term notes.

Separately, the Commercial Court turned down the bankruptcy claim filed by the Cayman Islands-based The Vietnam Frontier Fund (VFF) against state-owned ship builder PT Dok & Perkapalan Kodja Bahari.

"The plaintiff failed to prove that the defendant has two or more creditors," said the judge in Thursday's verdict. (udi)