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Monday, September 24, 2012

Telkomsel Upbeat It Will Win Supreme Court Appeal

Per www.globalinsolvency.com:


Mon., September 24, 2012
Mobile phone operator PT Telekomunikasi Seluler (Telkomsel) is upbeat that it will win a Supreme Court appeal against a lower court ruling that declared the firm bankrupt for debt nonpayment, The Jakarta Post reported. “The company is optimistic because it has a strong position and a healthy financial performance,” Muhtar Ali, a member of Telkomsel’s legal team, said. Lawyers for the company, a subsidiary of publicly listed telecommunications giant PT Telekomunikasi Indonesia, sent on Friday a cassation appeal to the Supreme Court, asking it to overturn a decision of the Central Jakarta Commercial Court that declared the firm bankrupt for not repaying a Rp 5.3 billion (US$557,000) debt to PT Prima Jaya Informatika, which distributed its prepaid credit and subscriber identity module (SIM) cards. Telkomsel’s lawyers have maintained that Telkomsel did not owe a debt to Prima Jaya, describing the dispute as stemming from denied purchase order agreements. Telkomsel authorized Prima Jaya to distribute its phone credit and SIM cards for two years after signing a deal in June 2011. Prima Jaya sent a purchase order to Telkomsel for credit and cards in June 2012 that Telkomsel rejected, claiming that Prima Jaya failed to meet sales targets. The head of Telkomsel’s legal team, Ricardo Simanjuntak, said that the lower court failed to consider that Telkomsel had the authority to review its arrangement with Prima Jaya if it did not meet the sales targets specified in the agreement.

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