ADP accuses Bank Universal trying to snatch away its coal project
Thursday, August 31 2000 - 03:00 AM WIB
The management of coal contractor PT Adiputra Dewasajaya (ADP) accuses PT Bank Universal Tbk. of trying to snatch away its Rp 300 billion-worth coal project in Bukit Asam, South Sumatra, using its affiliated company, PT Pama Persada.
ADP president Eddy Hartono said that he saw the bank's withholding ADP's fund of Rp 40 billion in the bank as a move to take over the project by force.
"So, this leads to a business competition," Eddy said.
He added that his allegation was based on the fact that Pama Persada participated in a tender for the Rp 300 billion project, that was won by ADP. The project itself would last until year 2004.
The dispute between PT ADP and Bank Universal started when ADP wanted to withdraw its operating fund of Rp 20 billion in the bank but it was rejected by the bank. The Rp 20 billion was a payment from state coal miner PT Tambang Batubara Bukit Asam.
Bank Universal, however, argued that the bank had the right to withhold the fund because ADP was under a debt restructuring process following ADP's debts to the bank turned sour.
ADP then filed a legal suit at the North Jakarta District Court against Bank Universal for the withholding of its fund and demanded the bank to pay ADP a compensation of Rp 72 billion a year. ADP also reported the bank's president, Stephen Z. Sahyahadi, to the police.
The North Jakarta District Court was initially scheduled to hand down its verdict on the case on Tuesday. However, presiding judge Hatta Ali said that the court postponed it to Sept. 11 because it was still processing all the materials. (*)