JAKARTA (Yosefardi) – Hong Kong listed company AcrossAsia Limited failed to overturn court verdict after the Supreme Court turned down its cassation against bankruptcy order filed by its subsidiary PT First Media Tbk.
The Supreme Court, through verdict No 214 K/Pdt.Sus-PKPU/2013, decided to affirm the bankruptcy order with dismissing AcrossAsia’s petition. However, AcrossAsia is willing to pursue further legal action with filing judicial review against the decision.
“The Company has been advised by its Indonesian lawyers that the Company has a further avenue of appeal for a judicial review. The Company intends to lodge such an appeal. The decision of the Indonesian Supreme Court in dismissing the Company’s appeal against the Indonesian Bankruptcy Order is therefore not final,” said AcrossAsia in its announcement.
Furthermore, AcrossAsia believe that the company is in condition to its business activity as there are no bankruptcy petition filed in the Cayman Islands, where the company is incorporated, nor in Hong Kong, where the company is listed. (indrab@yosefardi.biz)