PMF taken to court over debt

PMF taken to court over debt

JAKARTA (JP): Bank Nusa Nasional (BNN), which belongs to the
widely diversified Bakrie Group, filed a bankruptcy claim against
PT Perdana Multi Finance (PMF) with Jakarta Commercial Court on
Monday.

A statement released by the court said that the claim had been
filed after the finance company failed to repay a loan worth Rp
8.26 billion (US$1.1 million) which it secured from the bank in
1996.

"PT Perdana's management have ignored warning letters issued
by my client urging it to repay the debt," said Achyar from
Warens & Achyar law firm, who is representing the plaintiff.

He said the loan fell due on June 20 this year, but Perdana
had yet to repay it.

"That is why we are taking the company to the court," Achyar
added.

He said that the finance company also owed a total of Rp 92.73
billion to a further 10 local banks.

The banks include Bank Universal (Rp 5 billion), Bank Dharmala
(Rp 5 billion), Bank BPD Indonesia (Rp 2.3 billion), Bank Sahid
Gajah Perkasa (Rp 4 billion), Bank Multicor (Rp 4 billion), the
state Bank Ekspor Impor Indonesia (Rp 30 billion), Bank Unibank
(Rp 17 billion), Bank Pos Nusantara (Rp 5 billion), Bank PDFCI
(Rp 5 billion) and state Bank Tabungan Negara (Rp 15.43 billion).

The first hearing pitting BNN against PT Perdana will take
place on Dec. 21.

A court official said that proceedings in the case could be
concluded before Christmas. (aly)