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)