Suryamas sues private bank over $50m deal
Suryamas sues private bank over $50m deal
JAKARTA (JP): Publicly listed developer PT Suryamas Dutamakmur
is suing Bank Niaga over a transaction worth US$50 million.
In the first session at the South Jakarta District Court
yesterday, the developer's lawyer Hotman Paris Hutapea asked the
court to order the publicly listed bank to pay a total of $61
million to his client.
According to Hotman, the amount consists of the sum stated in
their agreement, $50 million, which his client claims never to
have received, plus $10 million in financial losses and $1
million in immaterial losses.
He also demanded the bank pay 6 percent interest on the total
amount dated back to when the lawsuit was filed on July 23, 1998.
The incident, Hotman said, started last year when his client
asked Bank Niaga for a credit facility to develop Rancamaya
housing complex in Bogor and Bumi Manggala housing complex in
Cibubur, East Jakarta.
On July 17, 1997 the bank agreed to lend $50 million to his
client through its derivative transaction scheme with a rate of
Rp 2,596.67 per dollar, he said.
At that time, the central bank's buying rate was Rp 2,425 and
it selling rate Rp 2,473.
However, Hotman said, his client never received the money.
The bank, instead, asked the developer to repay the loan at a
rate of Rp 14,200 to the dollar when the loan matured on July 20
this year, the lawyer said.
Hotman also claimed that the bank never explained the risks of
the facility to his client.
"The bank, which has many financial experts, seemed to have
predicted that rupiah would plunge. The bank offered the facility
with an attractive conversion rate to my client," he said.
Hotman said his client had received no money from the bank and
therefore the agreement between Suryamas and Bank Niaga was
invalid as stated under Article 1475 of the Civil Code.
Presiding judge J.M.T. Simatupang offered a peaceful
settlement to the two disputing parties but Hotman said his
client would only accept the offer if Bank Niaga met their
demands.
In response to the lawsuit, the bank's corporate affairs head
Jonki Kresnadi rejected the developer's legal reasons, saying his
party would countersue.
"Bank Niaga has strong evidence that it is Suryamas that
should pay (the money) to Bank Niaga," Jonki said in a statement
made available to The Jakarta Post last night.
Judge Simatupang adjourned the trial until next week to hear
the defendant's statement. (jun)