IBRA files suit against Hashim

IBRA files suit against Hashim

JAKARTA (Reuters): The Indonesian Bank Restructuring Agency
(IBRA) filed a bankruptcy suit against well-connected businessman
Hashim Djojohadikusumo on Tuesday over his failure to repay over
US$500,000 owed by one of his companies, court papers said.

The move marks another effort by IBRA to force recalcitrant
debtors to pay the agency, which is responsible for restructuring
of the country's battered banking system.

In court papers obtained by Reuters, IBRA said Hashim should
be declared bankrupt following the payment failure because he was
the personal guarantor for the debts owed by trading company PT
Comexindo Maritime to Bank Umum Nasional.

Bank Umum Nasional was closed down during the Asian financial
crisis and its assets transferred to IBRA.

Hashim, who has close links to disgraced former President
Soeharto, is also president director of mid-sized cement producer
Semen Cibinong.

Hashim owns nearly 100 percent of PT Tirtamas Comexindo,
previously called PT Prima Comexindo, which owns 90 percent of
Comexindo Maritime.

The Tirtamas group is IBRA's sixth-largest debtor.

The debts originated from a $500,000 loan extended to
Comexindo Maritime in 1995, which matured in February 1998.
The first hearing on the case is scheduled to be held at the
Central Jakarta Commercial Court next week.