Copyright 2000 AFX News Limited
AFX - Asia
June
14, 2000 Wednesday
HEADLINE:
Supreme Court rejects IBRA appeal in Sumi Asih bankruptcy case
The Supreme Court said it rejected an appeal by the Indonesian Bank Restructuring Agency against a Jakarta Commercial Court ruling that had opposed IBRA's bid to declare PT Sumi Asih
bankrupt.
"IBRA's appeal over PT Sumi Asih is rejected," the chief Supreme Court judge in the case, Paulus Lotulong, said in a document obtained by AFX-ASIA.
Lotulong said the reason for the rejection was because "there is need for further clarification on the amount of the company's debt.
"And this (clarification) should be done through the general district court, instead of through the commercial court."
He said IBRA and Sumi Asih had different estimates on the amount of Sumi Asih debts and that difference needs to be "settled."
IBRA has put Sumi Asih's outstanding debt at 73.937 bln rupiah and 6.728 mln usd as of January, while Sumi Asih has only recognized debts worth 1.4 mln usd.
The Commercial Court had cited lack of evidence on Sumi Asih's debt levels as the reason for rejecting IBRA's petition for bankruptcy.
IBRA said, based on a financial report audited by Prasetyo Utomo, Sumi Asih owes 1.4 mln usd to PT Bank Pelita and 2.5 mln usd to PT Bank Umum Nasional. Both banks have been closed down.
"Supreme Court judges view that there is need to clarify and prove the amount of debts, which should be done through the general district court," Lotulong said.