The domestic textile industry is struggling, but PT Pan Brothers Tbk (PBRX) takes the problem to another level. The pandemic has taken a toll on the Company’s performance just like other companies in the same industry. The situation deteriorated when one of the Company’s executives was examined as a witness in a corruption case involving State-owned insurance company PT Asuransi Jiwasraya (Persero). In the last week of May 2021, PT Maybank Indonesia Tbk (BNII), filed a lawsuit on Suspension of Debt Payment (PKPU) against Pan Brothers but the lawsuit was denied. Earlier this week we learned that Maybank decided to file another lawsuit, this time seeking Pan Brothers’ bankruptcy.
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