HCB sues state company

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)