ID :
27883
Sat, 11/01/2008 - 07:25
Auther :
Shortlink :
http://m.oananews.org//node/27883
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SUPREME COURT ACCEPTS INDAH KIAT CREDITORS` REQUEST FOR JUDICIAL REVIEW
Jakarta, Oct 31 (ANTARA) - The supreme court (MA) fulfilled the requests of Bank America National Trust, Morgan Stanley Co., PT Mizuho Indonesia and OCM Opportunity for a judicial review of the lower court's ruling that favored PT Indah Kiat Pulp and Paper Tbk.
"There is a real mistake in the earlier ruling and therefore the MA annulled it and would review it," one of the MA judges in the judicial review appeal trial, Marianna Sutadi, said here on Friday.
She said the provisional ruling in the earlier court ruling was wrong because it ran against the human rights law.
"Everyone has a right to file a lawsuit but in the provision ruling it is prohibited," she said.
As it has been known PT Indah Kiat won at the district, high and appeals courts over a lawsuit filed by its foreign creditors who were holders of its bonds.
In the provision ruling it was stated that foreign creditors were not allowed to file a lawsuit against the agreement so long as their case was not yet settled.
The case began when PT Indah Kiat International Company BV based in the Netherlands issued bonds worth US$500 million with land and factories as a guarantee. All shares of PT Indah Kiat in the Netherlands are owned by PT Indah Kiat Indonesia.
PT Indah Kiat later refused to pay when maturity was due upon a reason that the deal with the foreign creditors was fake or engineered.
The district court in Bengkalis ruled that the deal had to be annulled because it was engineered. The high court and appeals court later confirmed the ruling.
The decision of the Supreme Court annulled the ruling.
"There is a real mistake in the earlier ruling and therefore the MA annulled it and would review it," one of the MA judges in the judicial review appeal trial, Marianna Sutadi, said here on Friday.
She said the provisional ruling in the earlier court ruling was wrong because it ran against the human rights law.
"Everyone has a right to file a lawsuit but in the provision ruling it is prohibited," she said.
As it has been known PT Indah Kiat won at the district, high and appeals courts over a lawsuit filed by its foreign creditors who were holders of its bonds.
In the provision ruling it was stated that foreign creditors were not allowed to file a lawsuit against the agreement so long as their case was not yet settled.
The case began when PT Indah Kiat International Company BV based in the Netherlands issued bonds worth US$500 million with land and factories as a guarantee. All shares of PT Indah Kiat in the Netherlands are owned by PT Indah Kiat Indonesia.
PT Indah Kiat later refused to pay when maturity was due upon a reason that the deal with the foreign creditors was fake or engineered.
The district court in Bengkalis ruled that the deal had to be annulled because it was engineered. The high court and appeals court later confirmed the ruling.
The decision of the Supreme Court annulled the ruling.
