Dharmala Agrifood's hearing adjourned

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)