Tag: Fireworks Ventures Limited

Law Journal: On MCOR’s Cessie Dispute and PKPU for Alvindo Wahana Trading

After news broke that Tomy Winata had filed a police report against Hartono Karjadi in Bali, news emerged that Fireworks Ventures Limited had also filed a police report against the board of directors of PT Bank China Construction Bank Indonesia Tbk (MCOR). The series of police reports are related to one case, i.e.,the disputes over the debt-claiming rights (cessie) involving PT Geria Wijaya Prestige (GWP). The case is getting even more interesting. Note that the last time Fireworks filed their police reports, two were named suspects by the police. In a different but also complicated case, PT Bank Negara Indonesia (Persero) Tbk was finally able to force PT Alvindo Wahana Trading to restructure its debts as the Panel of Judges granted their petition for Suspension of Debts Payment (PKPU). 

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Fireworks Ventures v. MCOR: Enters Tomy Winata

The National Police’s Criminal Investigation Unit (Bareskrim) have been forced to make a decision on the handling of the embezzlement case reported by Fireworks Ventures Limited—concerning its dispute over the debt-claiming rights (cessie) involving PT Geria Wijaya Prestige (GWP) and several other parties. The Bareskrim had already named the suspects in the case last year, and by the first week of April 2018 they said that they had held a case reconstruction. This usually means the investigation stage would soon escalate. On April 17, 2018, however, Tomy Winata surprised many by filing a default lawsuit against 10 parties including Fireworks Ventures Limited, who claimed to be the legitimate owner of the cessie.

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