Tag: PT Jaya Smart Technology

Law Journal: Royal Standard Group’s PKPU, and Berkat Bumi Citra’s Bankruptcy

PT Jaya Smart Technology of Royal Standard group, and three other parties, including the founder of the Company, was sued on January 8, 2018. So the group entered their period of Suspension of Debts Payment (PKPU). The process of verification of bills recorded Rp1.25 trillion in debts. Separately, with regards to PT Berkat Bumi Citra, the team of curators found out that the Company had plenty of receivables to other parties that are its affiliates and family members of the Company’s owner.

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PKPU for PT Jaya Smart Technology

On January 8, 2018, PT Bank OCBC NISP Tbk (NISP) filed a lawsuit for Suspension of Debts Payment (PKPU) against PT Jaya Smart Technology of Royal Standard group. The Panel of Judges of the Commercial Court of the Central Jakarta District Court granted the lawsuit and so the Company is in their temporary PKPU, which will be valid for 45 days. So far, the Company reportedly owes 81 creditors, including Luxembourg’s Molucca Holdings S.√†.r.l.. What interesting from the case is that NISP did not only sue the Company but also three other parties including the founder of the Company one Untung Sastrawijaya, who was convicted for his involvement in a case of corruption back in 2006.

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