Jakarta: Bank Mandiri last
week broke ranks and filed a suspension of payment document with the Jakarta
Commercial Court over a IDR250bn ($27m) debt owed by Berlian Laju
Tanker. Apparently losing patience, the move was the bank's latest effort to get
a jump on getting its loans repaid.
Mandiri claims BLT's
decision in January to suspend payments on $1.9bn of debts was made unilaterally and therefore does not
affect its loans with the firm.
If granted by the court, the
suspension will provide a timeframe for Mandiri and Berlian to seek a
settlement, including debt restructuring, with the bank presumably hoping it
will force BLT to settle with it first since it is mandated rather than
voluntary, as is the case with the other debtor banks.
BLT meanwhile has declined
comment, with finance director Kevin Wong quoted in local media as saying he
had not personally been in contact with Bank Mandiri and therefore not able to
comment. At this stage it is unclear how the other debtors will react to this
development.
Source : STA, 18.06.12.
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