Manulife faces bankruptcy charges
Manulife faces bankruptcy charges
JAKARTA (JP): Canadian-based life insurance firm PT Asuransi
Jiwa Manulife Indonesia (AJMI) is in yet another legal bout, this
time fending off bankruptcy charges at Central Jakarta Commercial
Court, with a verdict announced this Thursday.
AJMI legal representative Hotma Sitompoel said earlier this
week that a relative of one of the company's clients filed a
bankruptcy petition on July 25 charging AJMI with ignoring
payments of a life insurance policy.
"Our client, AJMI, rejects the bankruptcy petition arising
from its decision not to pay out a life insurance policy by
Alaydrus, who is the beneficiary of the late Taufik Effendi," he
said on Monday.
The case centers around a Rp 50 million (about US$5,800) life
insurance policy which, according to Alaydrus, should had been
paid out to Taufik who died last year.
Hotma argued the company refused to pay the claim as Taufik
failed to mention his health condition accordingly when he
applied for his life insurance policy.
Alaydrus' lawyer Bramm & Associates, however, claimed that
AJMI's decision to deny the payment of the life insurance policy
caused its client to suffer Rp 5.1 billion in losses.
This sum took into account the unpaid policy worth Rp 50
million and a hefty Rp 5 billion in non-material losses.
Bramm & Associates, in its bankruptcy petition to the court,
cited Alaydrus and several other policyholders as "creditors" of
AJMI.
The bankruptcy law requires that a bankruptcy suit against a
company can only be brought up by at least two creditors.
Hotma, however, claimed that Alaydrus had failed to obtain
legal recognition at a civil court over his claim as AJMI's
creditor, before filing the bankruptcy petition.
Manulife, meanwhile, is not new to fighting what it once
called the "mafia" in the local court.
Last year, an unknown company, West Samoa-based Roman Gold
Assets Limited, triggered a police investigation into Manulife on
charges it had falsified shares in AJMI.
The charges came after Manulife purchased the shares of its
former joint venture partner in AJMI, the now bankrupt PT
Dharmala Sakti Sejahtera.
Manulife's struggle to defend the acquisition, gained foreign
investors' attention, making it a showcase of Indonesia's wrecked
legal system.
Last May, former president Abdurrahman Wahid then ordered a
stop to the investigation against Manulife. He said the case had
hurt Indonesia's image in front of foreign investors.
The managing director of Manulife Indonesia, Chris Bendl,
suspected the people who had disputed Manulife's purchase of
Dharmala's stake in AJMI were now behind the current bankruptcy
case.
Court documents reveal Bramm & Associates share the same
address as Lucas & Partners, the law office representing the
little-known West Samoan company in the previous legal bout
against Manulife. (bkm/iwa)