Nikko sues Bayu Buana

JAKARTA (JP): PT Nikko Securities Indonesia is filing a bankruptcy claim against travel company PT Bayu Buana for failing to pay Rp 7.5 billion (about US$882,000) in promissory notes, a company executive confirmed on Wednesday.

The executive said the action was taken because Bayu Buana could not settle debts which matured two years ago.

"We are confident about winning the case. It is a simple and straight forward case. (The case) is nothing special," he said.

According to an official at Nikko Securities, the first hearing is scheduled for April 12.

The domestic travel industry, like most local industries, is suffering from the ongoing economic and political crisis. (02)