PT Pusri Palembang which is a state-owned fertilizer company PT Sri Melamine will liquidate fortune, its subsidiary in joint venture with PT didirikaan barn Resources and PT Kairos Estuniaga fortune.
The move was the aftermath of the disputed PT SRM. Previously, PT Pusri and PT Fertilizer Indonesia demanded compensation of Rp 1.3 trillion to the National Arbitration Indonesia by PT SRM because they are in default due to stop the supply of raw materials for the production of melamine to urea PT SRM.
PT Pusri cutting off supplies of raw materials for urea PT SRM debts amounting to Rp 130 billion not being repaid.
President Director of PT Pusri Palembang (Pusri) Musthafa when contacted, Sunday (13/01/2013) in Jakarta said, with the company is considered insolvent liquidation.
SRM primary obligation to pay the debt to PT Bank Mandiri, taxes, and employees. Only then pay obligations to PT Pusri.
Although eventually the debt will not be repaid, but financially healthier PT Pusri and PT Pusri not shall indemnify PT SRM Rp 1.3 trillion.
Musthafa said melamine is no longer a prospective industry. There is no excuse for PT Pusri to continue the joint venture. Not to mention PT SMR debt obligations that have not been paid because the purchase of raw materials from PT Pusri urea.
Various remedies do PT Pusri like doing for bankruptcy and plans to liquidate the company's AGM held melamine.
"We're not willing to have to state should pay compensation of Rp 1.3 trillion," he said.
Attorneys PT SMR Otto Hasibuan told, in memory of appeal filed by PT Fertilizer Indonesia and PT Pusri Palembang, there is no existence of the debt clause PT SMR.
Because of the so-called debt in goods supply agreement, there must be reconciliation of the minutes signed director PT SMR. So that it can be proved simply. If verification of the debt is not simple, its entry into the civil courts.
"The issue we also reject the liquidation plan. Pusri We were paying before debt due to the new covenant defaults company be dissolved," jeasnya.
PT Pusri not be liquidated because it is not a majority shareholder. Cooperation in 1991 between PT Lumbung Sources fortune, PT and PT Kairos Estuniaga Fertilizer Sriwidjaja (Limited) agreed to establish a joint venture company PT SMR.
Composition of the biggest stock or 60 percent owned by PT LSR, owned Baktinendra Prawiro. The shares of PT KS and PT Pusri 20 percent respectively.
The company produces and sells crystal melamine in powdered form with a production capacity of 20,000 tons per year. The factory operated in 1994 in the complex PT Pusri.
The investment value of 66 million U.S. dollars. Melamine powder is used among others for laminate materials, printed materials, surface coatings, paper and textile processing, adhesive coating material also decorations.
In cooperation, PT Pusri obliged to supply urea as raw materials. Since 1994, the company produces.
However, payment of PT SMR is not able to cover the bills of raw material and utilities each month to the PT Pusri.
Total debt PT SMR continues to accumulate. As a result, since 14 November 2008, PT Pusri lower raw material supply gradually to 30 percent production levels. Until finally PT SMR stopped operating since 2008.
Debt PT SMR to PT Pusri to date reached Rp 72.16 billion and 6.55 million U.S. dollars.
Not to mention the debt in a Rp 2.74 billion tax liabilities, debts to employees of USD 1.42 billion and USD 9.52 billion shareholder.
PT SMR also have debt in Bank Mandiri 32.34 million U.S. dollars, as a preferred creditor.
Based on an audit by an independent auditor Joachim and Partners, the financial statements SMR in 2009, the cumulative loss of Rp 174.45 billion and in 2008 reached Rp 149.53 billion.
Consequently in 2009, the company became negative equity amounting to Rp 6.03 billion.
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