Mining firm declared bankrupt
Mining firm declared bankrupt
JAKARTA (JP): The Jakarta Commercial Court has declared mining
firm PT Kutai Kertanegara Prima Coal and an individual credit
card holder bankrupt for failure to honor debts.
Kutai was ruled bankrupt on Monday for a debt to businessman
Hasim Sutiono.
Hasim filed a bankruptcy petition early this month over
delinquency in meeting terms of a Rp 1 billion loan.
Hasim lent the funds to Kutai on July 16, 1996, in exchange
for a 61 percent stake in the company and a seat on its
supervisory board.
The mining firm did not meet the terms.
Hasim requested the firm repay the money; he sought legal
redress after only Rp 500 million was provided.
The court also on Monday declared Siti Alfiah bankrupt for
failing to pay Rp 132.91 million in credit card bills.
"Siti Alfiah is declared bankrupt because she failed to pay
her bills to the three banks," the verdict said.
Bank Papan Sejahtera (BPS), Bank Niaga and Bank Tamara jointly
filed a bankruptcy claim against the woman in early December over
the unpaid bills.
Siti Alfiah, a resident of Cipete, South Jakarta, owed Rp
14.31 million to BPS, Rp 108.63 million to Bank Niaga and Rp 9.96
million to Bank Tamara.
A court official said Siti Alfiah was a no-show at all three
of her hearings.
In another development, the commercial court also approved the
proposal by Moch. Taufik Solihin, another credit card holder, to
temporarily suspend payment of his debts to six financial
institutions to allow him to negotiate with the institutions.
Private commercial banks Bank Lippo, Bank Papan Sejahtera
(BPS), Bank Niaga, Bank Mashill Utama and PT Sejahtera MBF
Multifinance jointly filed a bankruptcy claim against the
businessman over combined debts of Rp 297.17 million
(approximately US$395,000).
He owned Bank Lippo Rp 136.68 million, BPS Rp 14.07 million,
Bank Niaga Rp 27.96 million, Bank Mashill Rp 12.89 million and PT
Sejahtera MBF Multifinance Rp 69.98 million.
The cases of Siti Alfiah and Taufik are a benchmark in the
brief history of the commercial court. They are the first
individual credit card holders brought to court since the court
opened in August after the bankruptcy law came into effect. (aly)