Copyright 2000 AFX News Limited
AFX - Asia
May
5, 2000 Friday
SECTION:
COMPANY NEWS
LENGTH:
250 words
HEADLINE:
IBRA asks Supreme Court to review Ometraco/Sumi Asih cases
DATELINE:
JAKARTA
BODY:
The Indonesian Bank Restructuring Agency said it has requested the Supreme Court to review the Jakarta Commercial Court's decision to reject the bankruptcy litigation filed by IBRA against PT Ometraco Corporation and PT Sumi Asih.
IBRA's lawyer in the Ometraco case, Benny K. Harman, said IBRA decided to appeal to the supreme court because it could not accept the commercial court's decision that, as a company under liquidation, Ometraco cannot be declared bankrupt by third parties.
"It was a misinterpretation of the law on limited liability companies," Harman said.
He said the law does not mention a liquidated company cannot be declared bankrupt, only the procedures that should be followed by a
liquidator.
"Moreover, our application was filed on March 29 while the Ometraco liquidation was announced on April 12. So, the litigation was legally valid," he said.
He said IBRA has also distributed copies of the appeal to the Supreme Court and other creditors of Ometraco, including American Express Bank (Singapore), Fuji Bank International Indonesia (Jakarta), the Commercial Bank of Korea (Singapore), Overseas China Banking Corporation Ltd and Royal Bank Canada.
Copies of the appeal to the Supreme Court on the Sumi Asih case have also been distributed to other creditors including Standard Chartered Bank (Jakarta), HSBC (Jakarta) and Merincorp (Jakarta).