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)