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)