Nikko sues local franchisee

Thu, 15 Apr 1999, 00:00 WIB | Source: JP

JAKARTA (JP): PT Nikko Securities Indonesia is filing a
bankruptcy claim against listed food franchisee PT Putra
Sejahtera Pioneerindo for failing to pay Rp 7.5 billion (around
US$882,000) in promissory notes, a company official said on
Tuesday.

The head of the company's legal division, Amaliha Lase, said
the action was being taken because Putra Sejahtera Pioneerindo
could not pay debts which matured in January last year.

Nikko also filed in late March a bankruptcy claim against
Putra Sejahtera's parent company, listed travel company PT Bayu
Buana, for the unpaid debt.

According to an official at Nikko Securities, the hearing on
the bankruptcy petition against Putra Sejahtera is scheduled for
April 19. (02)

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