Hashim fires back at IBRA over bankruptcy action

Hashim fires back at IBRA over bankruptcy action

JAKARTA (JP): The president of trading firm PT Tirtamas
Comexindo, Hashim S. Djojohadikusumo, expressed on Wednesday
regret over the Indonesian Bank Restructuring Agency's (IBRA)
bankruptcy suit against the company, calling it a "precipitous
action".

Hashim called on IBRA to withdraw the suit, noting his company
was very much willing to resolve the matter.

"It is the express intention of PT Tirtamas Comexindo that a
comprehensive settlement be concluded with IBRA and that IBRA
would therefore see fit to withdraw the lawsuit," he said in a
statement.

He said the company had not expected a bankruptcy suit would
be filed since IBRA had stated in its initial directive that a
cooperative settlement with Tirtamas Comexindo should be
completed by the end of January 2000.

Hashim added that Tirtamas had been preparing a mutually
agreeable solution based on IBRA's initial directive.

IBRA filed a bankruptcy suit against Tirtamas with the Jakarta
Commercial Court on Dec. 30, 1999.

The suit was filed on behalf of closed down Bank Tamara, which
had claims against Tirtamas amounting to Rp 38 billion (US$5.42
million), including unpaid interest payments and penalties.

The loans matured in August last year.

Head of IBRA's legal division Agustus Sani Nugroho earlier
said Tirtamas's debts to Bank Tamara were only a portion of the
firm's bad debts to several banks currently under the control of
IBRA.

Nugroho said Tirtamas had bad debts totaling $95.7 million and
Rp 69.7 billion.

Tirtamas was uncooperative toward efforts to settle the debts,
he said.

Nugroho added that the value of assets recovered from Tirtamas
might be much less than the firm's debts because IBRA had mostly
obtained only personal guarantees from Hashim.

One guarantee is nine million shares of PT Semen Cibinong,
which belong to Hashim's Tirtamas Group. (cst)