Ongko's five units bankrupt

Ongko's five units bankrupt

JAKARTA (AFX-ASIA): The Jakarta Commercial Court has declared five Ongko Group units bankrupt after they failed to settle a total of US$100 million in matured debts, judge Mahdi Soroinda Nasution said.

The five companies are PT Metrotama Dunia, PT Indoland Jaya, PT Sumber Keramik Kharisma, PT Kreasi Supradinamika Multicorpora and PT Widiamulia Prima Multicorpora, Nasution said.

Creditors based in the Commonwealth of the Bahamas filed bankruptcy suits against the Ongko units in late August.

The Indonesian Bank Restructuring Agency, which is another major Ongko creditor, previously said it plans to conduct a special audit on units of the Ongko Group that are brought to commercial court by foreign creditors, adding the audit is needed to clarify the validity of the creditors' debt claims.