Supreme Court turns down Hanil bankruptcy review

Supreme Court turns down Hanil bankruptcy review

JAKARTA (JP): The Supreme Court rejected a request for a civil
review of its decision rejecting PT Hanil Bakrie Finance's
bankruptcy claim against publicly listed PT Dharmala Sakti
Sejahtera.

The court reached its decision on May 27 and sent copies of
the verdict to the plaintiff and defendant last week.

"The reasons raised by the plaintiff did not satisfy the
demands for a civil review as stipulated in article 286,
subarticle two of the 1998 Bankruptcy Law," according to the
court's decision, made available to The Jakarta Post over the
weekend.

There must have been a serious misapplication of the
bankruptcy law or new material evidence for a civil review to be
granted by the Supreme Court, according to the bankruptcy law.

The decision rejecting the civil review was reached by Chief
Justice Sarwata, Justice Ketut Suraputra and Justice Zakir.

Hanil Bakrie filed a bankruptcy petition against PT Dharmala
at the Jakarta Commercial Court in January this year seeking the
recovery of US$2.2 million in promissory notes which matured in
July last year.

The commercial court in mid-February rejected Hanil Bakrie's
petition on the grounds that the two firms were still involved in
debt settlement negotiations.

Hanil Bakrie appealed the decision to the Supreme Court in the
same month.

Hanil Bakrie's appeal was rejected by the Supreme Court
because it was filed one day after the deadline.

The 1998 Bankruptcy Law stipulates that appeals must be filed
with the Supreme Court within eight days after the commercial
court issues its verdict.

PT Hanil Bakrie Finance is a joint venture firm between Hanil
Leasing Company Ltd. of Korea and the Bakrie Group,

PT Dharmala Sakti Sejahtera is a holding company for the
financial services division of the Dharmala Group. The company
offers a range of services, including banking, insurance and
business and capital market consultancy. (udi)