Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Happy Rayna Stephany, IGAP Trisnajaya
Based on the discovery of new evidence, Merril Lynch, Pierce, Fenner & Smith Inc. (MLPF&S)—an American assets management company—has filed a new lawsuit against Renaissance Capital Management Investment Pte Ltd. (Renaissance) and its owner Harjani Prem Ramchand in District Court of Central Jakarta (Court), Monday (4/2).
The dispute between MLPF&S and Renaissance first arose in 2008 when Renaissance instructed MLPF&S to buy 120 million shares of PT Triwira Insanlestari (PTTI)—which were valued at USD 14.3 million—with a promise to settle the transaction by 26 June 2008. However, neither Prem nor Renaissance made the payment on the agreed date.
As a result, MLPF&S filed a lawsuit against Renaissance to Singapore High Court in November 2008, which found that Renaissance owed payment to MLPF&S and convicted Prem for fraud.
Meanwhile, Renaissance filed a counter lawsuit in the South Jakarta District Court against Merril Lynch Indonesia (MLI) for tort and defamation.
In 2012, during the case review hearing, Indonesian Supreme Court found MLI guilty for damages Renaissance owed in the Singapore High Court, even though MLI and Renaissance did not engage in direct business relations.
The new lawsuit filed in 2013 by MLPF&S intends to counter the Indonesian Supreme Court Decision. MLPF&S presented payment form—which indicates that Renaissance and Prem have secured the payment of PTTI shares in the amount of USD 14.3 million to MLFP&S—as new evidence and argued that the payment form is fictitious.
MLPF&S found that the name of Hong Kong Branch Standard Chartered Bank’s banker cited in the payment form was false. Moreover, the payment form was also not stamped by Hong Kong branch Standard Chartered Bank as required by the standard official procedure.
In addition, MLPF&S also found that there is no Pioneer Capital Bank—a Hong Kong based company that issued the payment—registered in the Hong Kong’s company register and the company’s address cited in the payment form is also false.
Based on the abovementioned evidence, MLPF&S requested the Court to find that Renaissance and Prem have intentionally committed tort as stipulated under Article 1365 of Indonesian Civil Code and instructed them to pay material damages in the amount of USD 7.714.816,34 as well as immaterial damages in the amount of USD 1 million.
Neither MLPF&S’ advocate Harri Budiman, nor Renaissance and Prem’s advocate Tedy Rachmanto are willing to comment to the press in relation to the new lawsuit.
“For this case, we do not want to comment to the press,” stated Harri to hukumonline on Monday (4/2).
(jt)
Happy Rayna Stephany, IGAP Trisnajaya
Based on the discovery of new evidence, Merril Lynch, Pierce, Fenner & Smith Inc. (MLPF&S)—an American assets management company—has filed a new lawsuit against Renaissance Capital Management Investment Pte Ltd. (Renaissance) and its owner Harjani Prem Ramchand in District Court of Central Jakarta (Court), Monday (4/2).
The dispute between MLPF&S and Renaissance first arose in 2008 when Renaissance instructed MLPF&S to buy 120 million shares of PT Triwira Insanlestari (PTTI)—which were valued at USD 14.3 million—with a promise to settle the transaction by 26 June 2008. However, neither Prem nor Renaissance made the payment on the agreed date.
As a result, MLPF&S filed a lawsuit against Renaissance to Singapore High Court in November 2008, which found that Renaissance owed payment to MLPF&S and convicted Prem for fraud.
Meanwhile, Renaissance filed a counter lawsuit in the South Jakarta District Court against Merril Lynch Indonesia (MLI) for tort and defamation.
In 2012, during the case review hearing, Indonesian Supreme Court found MLI guilty for damages Renaissance owed in the Singapore High Court, even though MLI and Renaissance did not engage in direct business relations.
The new lawsuit filed in 2013 by MLPF&S intends to counter the Indonesian Supreme Court Decision. MLPF&S presented payment form—which indicates that Renaissance and Prem have secured the payment of PTTI shares in the amount of USD 14.3 million to MLFP&S—as new evidence and argued that the payment form is fictitious.
MLPF&S found that the name of Hong Kong Branch Standard Chartered Bank’s banker cited in the payment form was false. Moreover, the payment form was also not stamped by Hong Kong branch Standard Chartered Bank as required by the standard official procedure.
In addition, MLPF&S also found that there is no Pioneer Capital Bank—a Hong Kong based company that issued the payment—registered in the Hong Kong’s company register and the company’s address cited in the payment form is also false.
Based on the abovementioned evidence, MLPF&S requested the Court to find that Renaissance and Prem have intentionally committed tort as stipulated under Article 1365 of Indonesian Civil Code and instructed them to pay material damages in the amount of USD 7.714.816,34 as well as immaterial damages in the amount of USD 1 million.
Neither MLPF&S’ advocate Harri Budiman, nor Renaissance and Prem’s advocate Tedy Rachmanto are willing to comment to the press in relation to the new lawsuit.
“For this case, we do not want to comment to the press,” stated Harri to hukumonline on Monday (4/2).
(jt)