HCB sues state company

JAKARTA (JP): The Hongkong Chinese Bank (HCB) has filed at the Commercial Court a bankruptcy claim against state-owned ship builder PT Dok & Perkapalan Kodja Bahari for allegedly failing to pay US$3.5 million in promissory notes, according to a court document.

Court document No. 081/pailit/1999 outlined the plaintiff's claims that the defendant had failed to provide an acceptable debt restructuring proposal to the plaintiff.

The first hearing for the case is scheduled for Nov. 9, with Untung Harijadi to act as the presiding judge, a court officer said.

PT Dok previously survived a bankruptcy suit filed in May by the Cayman Islands-based The Vietnam Frontier Fund over a $1 million promissory note.

PT Dok owed about Rp 670 billion to the Indonesian Restructuring Agency (IBRA), which earlier this year took over the bad debt from several local banks. (udi)