General Announcement::PKPU Maybank Indonesia Against Pan Brother Rejected

Issuer & Securities

Issuer/ Manager
PB INTERNATIONAL B.V.
Securities
PB INTL USD200M7.625%N220126 - XS1555631925 - 68AB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
28-Jul-2021 15:25:02
Status
New
Announcement Sub Title
PKPU Maybank Indonesia Against Pan Brother Rejected
Announcement Reference
SG210728OTHR729H
Submitted By (Co./ Ind. Name)
Hudya Indah Panggita
Designation
Corporate Secretary
Effective Date and Time of the event
26/07/2021 17:00:00
Description (Please provide a detailed description of the event in the box below)
On July 26, 2021, PT Pan Brothers Tbk ( Pan Brothers or the Company ), the parent company of PB International attended the follow-up hearing on the Application for Penundaan Kewajiban Pembayaran Utang (PKPU) by PT Bank Maybank Indonesia Tbk ( Maybank Indonesia ) with the agenda of Reading the Decision. Chairman of the Panel of Judges Saifudin Zuhri, S.H., M.Hum. read out the verdict as follows:
1. Reject the Petitioner's PKPU Application in its entirety;
2. Punish the PKPU Petitioner to pay court fees.

In essence, the legal considerations in the decision are: The Panel of Judges agrees with the argument put forward by the Company that the PKPU application in Indonesia is submitted to the same debtor as the process in Singapore, so that in this case Maybank Indonesia does not have the legal standing to file this PKPU Application. Even if the examination continues, the examination of this matter will be a complicated examination (contrary to the provisions of Article 8 paragraph (4) of Law No.37/2004), and the Panel of Judges refuses to examine the case to avoid overlapping of the 2 jurisdictions of case settlement .

Attachments

260721 Press Release.pdf
Total size =108K