TPI Declared Bankrupt
Thursday, 15 October, 2009 | 10:13 WIB

TEMPO Interactive, Jakarta: Televisi Pendidikan Indonesia (TPI), a subsidiary of the Media Nusantara Citra was declared bankrupt by the Central Jakarta District Court on Wednesday, in civil lawsuit filed by Crown Capital Global Limited.

A legal representative for TPI, Marx Andryan explained on Wednesday, the court found that Crown Capital was holding US$53 million of the TV station’s bonds which was due in 2006. “But TPI could not pay the debt.”

However Marx said the company appealed to the decision on ground that “Our client did not recognize Crown Capital, it was not in TPI’s bookkeeping.”

Marx fired back at the former owner of the TV Station, accusing that the civil lawsuit was trick a to cover embezzlement of around US$50 million grant from the government of Brunei Darussalam in 1996. The current owner have fought back by filing a case against the former owner to return the US$50 plus 12 percent of interest.

Corporate Secretary of TPI Wijaya Kusuma said the problem surfaced in 1996 before the current owner, MNC, took over the station from the former owner.

MARIA HASUGIAN