Foreign banks file bankruptcy claims against local clients

Foreign banks file bankruptcy claims against local clients

JAKARTA (JP): Credit Lyonnais Indonesia and Chinatrust
Commercial Bank have filed bankruptcy claims against their
Indonesian clients, the banks said last week.

Credit Lyonnais Indonesia said on Friday it had filed a
bankruptcy claim against ceramic maker PT Sandjaja Graha Sarana
and its owner Tjokro Sandjaja for failing to pay a debt amounting
to US$1.92 million.

The plaintiff's lawyer, Rahmat Bastian, of Dermawan & Co Law
Firm, said the action was taken because the ceramic maker could
not settle a debt which matured on Dec. 7, 1998.

Rahmat said the company's owner, Tjokro Sandjaja, was the
guarantor of the debt. His client had therefore decided to file a
bankruptcy claim against Tjokro as well.

According to Rahmat, a hearing for the cases is scheduled for
Friday.

The 1998 Bankruptcy Law stipulates that a bankruptcy claim can
be filed against a party as a business entity and/or as an
individual person, as long as the claimed party has at least two
creditors and one matured debt.

Separately, Chinatrust Commercial Bank said it had also filed
a bankruptcy claim against state-owned property firm PT Rajawali
Nusantara Indonesia for failure to pay $5 million in promissory
notes, Rahmat -- also acting as the plaintiff's lawyer -- said on
Friday.

He said the property firm was unable to settle a debt which
matured on Jan. 14.

The court's first hearing is scheduled for Monday, he said.

Rajawali Nusantara is majority owned by the government and PT
Abadi Guna Papan, a company controlled by former president
Soeharto's son Bambang Trihatmodjo. (udi)