Polysindo survives bankruptcy claim

Polysindo survives bankruptcy claim

JAKARTA (JP): The Jakarta Commercial Court rejected on
Wednesday the bankruptcy petition filed by Inter Pacific Bank
against publicly listed textile concern PT Polysindo Eka Perkasa.

"The plaintiff has failed to present valid proof that
Polysindo has more than one creditor," presiding judge Mahdi
Soroinda Nasution said when reading the court's verdict.

He said in the eyes of the court Polysindo had only one
creditor, and the bankruptcy law stipulates a party must have at
least two creditors to be declared bankrupt.

The plaintiff failed to provide valid documents on the
existence of other creditors, Mahdi said.

According to the 1998 Bankruptcy Law, a plaintiff must prove a
claimed party has at least one matured debt and two creditors for
a bankruptcy suit to be accepted.

"However, the court accepts the fact that Polysindo has one
matured debt with the plaintiff (Inter Pacific Bank)," Mahdi
said.

The plaintiff's lawyer, Benny K. Harman from Abdul Hakim G.
Nusantara & Partners, expressed surprise with the court's
decision in the face of what he saw as clear evidence that
Polysindo had more than one creditor.

Benny said he submitted a newspaper article containing an
official report from the board of directors of state Bank Negara
Indonesia in June on the bank's list of debtors.

"The 116 companies on the list published by BNI included
Polysindo as one of the borrowers," Benny said.

Benny also said Polysindo's debts with BNI were public
knowledge following the intense media coverage of the Texmaco
Group loan scandal with the bank.

The Texmaco Group case centers on some Rp 9.8 trillion in
loans the group received from the bank. It is alleged then
president Soeharto used his influence to secure the loans for the
group.

"It (Polysindo's debt with BNI) is a fact which does not
require further proof because it is public knowledge," Benny
said.

Benny said he would appeal the decision to the Supreme Court
within eight days. "The truth is Polysindo has two creditors, or
even a lot more, and everybody knows that." (udi)