Receiver to report Prudential directors

Abdul Khalik, The Jakarta Post, Jakarta

The lawyer appointed by the court to safeguard the assets of PT Prudential Life Assurance threatened on Wednesday to report the company's directors to the police for obstructing him from carrying out his duties.

Yuhelson, the court-appointed receiver, said that since the bankruptcy verdict was handed down on April 23, he had not been able to meet with the directors to transfer assets, as required by law. He complained that he even had difficulty in locating them.

"They have intentionally avoided meeting with us. When I called, they pretended to be busy. I went to the company's office and found that the building was locked up," Yuhelson told The Jakarta Post on Wednesday.

According to Articles 12 and 24 of Law No. 4/1998 on bankruptcy, the bankrupt company loses its right to manage its assets and a receiver is assigned with authority to take care all of the company's assets, even though an appeal may have been lodged with a higher court.

"There are a lot of company's assets that could easily change hands. The longer it takes for the assets transfer the greater the risk the assets will decrease in value," said Yuhelson while stressing that his main duty as a receiver was to keep the company's assets intact.

He said that there was an indication that the directors could have committed a crime over the last few days by prolonging the assets transfer. He added that he could also ask the police to detain them, based on Article 84 of Law No.4/1998.

The lawyer for Prudential, Ricardo Simanjuntak, denied the accusation, saying that the receiver could at any time take over the company's assets. Instead, he complained that the receiver was too aggressive.

"They keep threatening us although we have complied with what they want. If they want to take the assets then all they have to do is come and get them," said Ricardo.

He complained that the receiver's move to place large advertisements in several newspapers was a waste of company money as it was unnecessary.

"They have also scared the employees by dismissing four of them. Now, employees are wondering if they will suffer the same fate," said Ricardo.

Ricardo said that he had submitted a letter asking the court to replace Yuhelson with Andrey Sitanggang on the basis that Yuhelson was a former partner of Lucas, the lawyer of Lee Boo Siong, who initially brought the bankruptcy petition against Prudential. Ricardo added that Yuhelson was no longer a member of the Indonesian Association of Receivers (AKPI). He argued that both matters were against the regulations.

The commercial court declared Prudential bankrupt on Friday after a former agent, Malaysian Lee, filed a suit on April 7, accusing the company of failure to pay him bonuses, demanding compensation of about Rp 366 billion (US$44 million).

Prudential, which closed its offices temporarily on Monday, has appealed to the Supreme Court.