Dharmala Sakti taken to bankruptcy court
Dharmala Sakti taken to bankruptcy court
JAKARTA (JP): PT Hanil Bakrie Finance, a multifinance arm of
widely diversified Bakrie & Brothers, lodged a bankruptcy
petition against publicly listed PT Dharmala Sakti Sejahtera at
the Jakarta Commercial Court on Tuesday.
Data from the court said Hanil Bakrie was seeking recovery of
US$2.21 million in promissory notes issued by Dharmala Sakti,
which fell due on July 7 last year, and demanded the court
declare Dharmala Sakti bankrupt.
"Hanil Bakrie brought Dharmala to court as the latter failed
to pay its obligations which have fallen due," the plaintiff's
lawyer Yan Apul of Yan Apul and Associates said.
Court data said Dharmala Sakti issued promissory notes worth
$2 million in 1997 which fell due on Jan. 8 last year. But the
firm could not meet its obligation and asked for an extension to
July 7.
"But the firm failed to meet its obligation to my client on
July 7, 1998," Yan Apul said, adding that Hanil Bakrie was suing
for the original amount plus interest and penalties.
Dharmala Sakti, established in 1981, is a holding company for
financial services under the Dharmala Group, which is involved in
banking, insurance, capital market services and consultancy
business sectors.
Dharmala Sakti also reportedly has an outstanding debt of $1.6
million to PT SMBC Indonesia Finance.
The firm is 70 percent owned by PT Dharmala Intiutama and 30
percent by the investing public.
It suffered a net loss of Rp 325.4 billion in 1997.
Hanil Bakrie's move to recover its money from Dharmala Sakti
followed a bankruptcy petition by three overseas banks against
private television station ANteve, which is controlled by the
Bakrie Group.
A decision in the case will be made on Thursday.
Separately, the court received an insolvency petition by Bank
Yama against PT Nassau Sports Indonesia for the latter's failure
to repay $1.54 million.
The debt, which Nassau Sports secured from Bank Yama in
September 1996, matured last Dec. 31.
"But Nassau did not meet its obligation and forced Bank Yama
to lodge the bankruptcy petition," the plaintiff's lawyer Nauli
Daulay of Permata Nauli Daulay law firm said in a statement.
The opening hearings for Hanil Bakrie versus Dharmala Sakti
and Bank Yama and Nassau Sports will be held on Feb. 2. (aly)