Hong Kong creditors sue Bakrie Finance

Hong Kong creditors sue Bakrie Finance

JAKARTA (JP): Five Hong Kong-based creditors jointly filed a
bankruptcy claim against listed finance company PT Bakrie Finance
Corporation for failing to pay a total of US$21 million in bank
loans, according to the plaintiff's lawyer.

Joni Aries Bangun of Hanafiah Ponggawa Adnan Bangun Kelana law
firm said on Friday the debts had matured on May 3 this year.

"We filed the bankruptcy claim on Thursday to the Commercial
Court. The first hearing will be determined by the court early
next week," he said.

Bakrie Finance is one of the country's 2,000 largest debtors
announced by the Indonesian Bank Restructuring Agency in June.
Its matured debts owed to banks under the agency amount to some
Rp 84 billion.

It also has matured loans to at least four other foreign bank
syndicates amounting to $66.5 million and one local bank
syndicate amounting to Rp 100 billion, according to the
plaintiff's bankruptcy claim document.

The 1998 Bankruptcy Law requires the plaintiff to prove that
the claimed party in the bankruptcy case has at least two
creditors to be declared bankrupt.

The five Hong Kong-based banks jointly filing the bankruptcy
suit are namely, AB Capital Markets Ltd., Cho Hung Leasing &
Finance Ltd., Hana Bank, Hanmi Leasing & Finance Ltd. and KEB
Leasing and Finance Ltd.

Separately, the Jakarta Commercial Court rejected the Rp 5
billion bankruptcy claim filed by an individual Yulius Susanto
Cung against listed property developer PT Dharmala Intiland.
(udi)