Nikko sues local franchisee

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)