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)