JAKARTA (Yosefardi) – Central Jakarta Commercial Court continues trial of Postponement of Debt Settlement Obligation (PKPU) petition against PT Bakrieland Development Tbk on Sep. 16, 2013. The applicant and respondent were still disputing court’s jurisdiction.

Bank of New York Mellon, the PKPU petition, denied that the petition should be filed in the England and Wales jurisdiction, as plead by Bakrieland. The bank’s legal representatives believe that England and Wales’ jurisdiction are not absolute.

The bank also claimed that Bakrieland’s denial on the trust deed related to the debt shows the company’s bad faith. In the previous trial, Bakrieland insisted that trustee did not have any legal standing in the case.

The case started with Equity-linked obligation issued by BLD Investments Pte Ltd for US$155 million on Mar. 23, 2010. The bond, carries annual interest of 8.625%, will mature in March 23, 2015. (indrab@yosefardi.biz)