Jakarta, CNBC Indonesia – One of the media companies owned by tycoon Hary Tanoesoedibjo, PT Global Mediacom Tbk (BMTR) was sued for bankruptcy by KT Corporation. This request is listed in the case with case number 33 / Pdt.Sus-Bankrupt / 2020 / PN Niaga Jkt.Pst dated July 28, 2020.
Reporting from the official page of the Central Jakarta District Court, the bankruptcy request for this company was submitted by KT Corporation, a telecommunications company from South Korea.
There are six points conveyed in the court decision, namely:
Receive and grant bankrupt Requests in full;
Stating PT GLOBAL MEDIACOM Tbk., Having its address at MNC Tower 27th floor, Jl. Kebon Sirih No.17-19, Jakarta 10340 (Respondent Bankrupt) bankrupt with all the legal consequences;
Establish and appoint and appoint Judges in the Jakarta Business Court as Supervising Judges;
Point and lift:
– Dr. Dra. Fennieka Kristianto, SH., MH., M.Kn., MA, Curator and Management registered at the Ministry of Law and Human Rights based on the Evidence of Registration for Curator and Management No. : AHU.AH.04.03.81, having its office at the Fennieka & Associates Law Office having its address at Jl. Belawan No.8, Jakarta Pusat 10150;
– Yongki Martinus Siahaan, SH., MH., Curator and Management registered at the Ministry of Law and Human Rights based on Curator and Management Registration Certificate No .: AHU-117.AH.04.03-2018, having its office address at Jl. Bendungan Hilir III, No.9, Jakarta Pusat;
– Ronal Hermanto, SH., Curator and Management registered with the Ministry of Law and Human Rights based on the Evidence of Registration of Curator and Management No. : AHU-38.AH.04.03-2020, having its office address at Jl. Sky IV, RT.13 RW.05 No.68, Ex. Sunter Jaya, Kec. Tanjung Priok, North Jakarta.
as the Curator Team in the bankruptcy process of the Respondent.
Determine the fees for Curator Services will be determined later in accordance with applicable provisions after the Curator carries out his duties;
Punish Bankrupt Respondent for paying all court fees.
The first trial for this case will be held on Wednesday (05/08/2020).
This is not the first time KT Corporation has sued Global Mediacom. Citing the company’s financial statements for the first quarter of 2020, this telecommunications company has sued for defaults on the Put and Call Option Agreement dated June 9, 2006 (Option Agreement). This case was decided on 18 November 2010.
Based on this decision, the Company is required to purchase 406,611,912 shares of PT. Mobile-8 Telecom Tbk owned by KT Corporation at a price of US $ 13,850,966 plus interest calculated from July 6, 2009 until the payment was made and also US $ 731,642 for legal fees and others, and as much as US $ 238,000 as an arbitration fee.
It was stated that the ICC arbitration award would only have binding legal force on the Company if there had been approval from the head of the Central Jakarta District Court on the application for the implementation of the ICC arbitration award in Indonesia.
Then, on July 29, 2015, the Company received a notification (aanmaning) from the Central Jakarta District Court. However, the execution must be postponed, due to the ongoing court proceedings in this case, due to the validity of the Option Agreement dated June 9, 2006 in case No. 431 / PDT.G / 2010 / PN.JKT.PST.
“As of the issuance date of the consolidated financial statements, management has not yet received a decision from the Supreme Court, so management believes that there is no need to make allowance for possible losses that will arise in the future due to these claims,” the financial statement said, quoted Sunday (2/8 / 2020).