Dharmala Agrifood's hearing adjourned

JAKARTA (JP): The Jakarta Commercial Court on Tuesday again adjourned the hearing of the bankruptcy petition filed jointly by the International Financial Corporation (IFC), ING Indonesia Bank and Bank Niaga against PT Dharmala Agrifood.

Presiding judge Ch Kristi Purnamiwulan said that the plaintiff's lawyer, Kartini Muljadi of Kartini Muljadi and Partners, should provide more evidence supporting its allegations before resuming the hearing.

"The hearing is adjourned to Dec. 4 to allow the plaintiff's lawyer to complete more proofs," she said in the hearing on Tuesday.

IFC, a private financing arm of the World Bank, ING Indonesia Bank and Bank Niaga jointly filed the bankruptcy petition against publicly listed PT Dharmala Agrifood late last month seeking the repayment of loans worth Rp 16.04 billion and US$51.7 million.

According to the plaintiff's charges, the animal feed producer, which is listed on the Jakarta Stock Exchange, received loans of Rp 16.04 billion from Bank Niaga, $16.7 million from ING Indonesia Bank and $35 million from IFC.

The loans fell due this year on May 6, Feb. 12 and Sept. 30 respectively, but Dharmala Agrifood was not able to make their payments.

At the hearing, Hotman Paris Hutapea of Makarim and Taira Law firm, who represents Dharmala Agrifood in the bankruptcy case, said that his client never received a loan from Bank Niaga.

"Please show me the signature of my client on the loan agreement," he said during the hearing, which attracted the attention of the public, including some observers from the International Monetary Fund.

He said, however, that his client had a derivative transaction with Bank Niaga.

"My client had a derivative transaction with Bank Niaga, but (it was) not a loan deal," he said.

Hotman said that since his client never received a loan from Bank Niaga, there was no reason for the bank to bring Dharmala Agrifood to the commercial court.

He also said that the $35 million loan from IFC had not yet fallen due.

"The maturity dates of the loan are in March of next year and in the year 2003, so why is IFC so hasty to file a bankruptcy claim against my client," he asked.

The plaintiff claims that IFC's loan matured on Sept. 30 of this year.

However, the plaintiff's lawyer, Kartini Muljadi, was not prepared to provide the additional supporting evidence required by the defendant's lawyer during the hearing on Tuesday. (aly)