The pandemic has taken a toll on the performance of PT Pan Brothers Tbk (PBRX), but the situation further 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. In August 2021, Maybank decided to file another lawsuit, this time seeking Pan Brothers’ bankruptcy. Lucky PAN Brothers managed to get away from the problem as the Panel of Judges dismissed the lawsuit last week.
To subscribe please click here