Three businessmen taken to court over unsettled debts

Three businessmen taken to court over unsettled debts

JAKARTA (JP): Suits have been filed against three businessmen
before the Jakarta Commercial Court in disputes over unsettled
debts totaling Rp 15.17 billion (US$1.9 million).

PT Profilindo Indratama Finance filed last week a bankruptcy
claim against businessman Purnomo Onggowarsito for not repaying
Rp 13.17 billion to the finance firm, court data said.

Owners of Bank Astria Raya also filed a bankruptcy petition
last week against the chief commissioner of PT Usaha Bersama
Sekuritas (UBS) securities company, Joediono Tosin, and president
Yannes Naibaho for their failure to repay Rp 2 billion in loans
from the liquidated bank.

"The bank brought the case to court because the two
individuals made their personal guarantee to repay the loan," the
data said.

The bank extended Rp 6 billion in loans to the securities
firm, consisting of Rp 4 billion guaranteed by PT UBS and the
remaining Rp 2 billion guaranteed personally by Joediono and
Yannes.

Bank Astria Raya was one of the 16 banks liquidated by the
government in November last year as part of the measures to clean
up the country's chaotic banking sector.

Officials at the court said the first hearing on PT
Profilindo's claim would be next Monday and on the Bank Astria
case against Joediono and Yannes on the following day.

A court official said the bankruptcy cases filed by the
financial institutions were the 11th and 12th bankruptcy cases
since the court opened in September.

In other developments, the court approved on Monday the
proposal filed by golf course and property developer PT Karabha
Digdaya to suspend the payment of its debts to its creditors,
including construction firms PT Jaya Obayashi and PT Nusa Raya
Cipta.

The court approval allows both the debtor and creditors to
reorganize the debt payment.

Presiding judge Haryono said that Jaya Obayashi and Nusa Raya
Cipta and other creditors would work out debt settlements with
the property developer.

Under the country's bankruptcy law, Karabha is allowed 270
days to negotiate a reorganization. Failure to do so could result
in the initiation of bankruptcy proceedings.

PT Jaya Obayashi and PT Nusa Raya Cipta filed an insolvency
petition against PT Karabha in September for the latter's failure
to pay Rp 15.3 billion in construction fees. (aly)