PT Aryaputra Teguharta (APT) has renewed legal actions to claim its 32.32% shareholding in PT BFI Finance Indonesia Tbk. (BFI), putting on notice a reported attempt by Trinugraha Capital & Co SCA, a consortium led by Boy Thohir and including TPG Capital and Northstar Group, to sell shares in the multi-finance company, Deal Street Asia reports.
APT said it has filed a State Administration Dispute lawsuit on 16 May 2018 to seek the court’s help to enforce its rights under a February 2007 Supreme Court ruling that affirmed APT as the legal owner of 111,804,732 BFI shares, representing 32.32% of BFI’s issued and paid-up capital.
The District Court of Central Jakarta (DCCJ) issued an order to confiscate APT’s shares from Chase Manhattan Bank in September 2007. However, the court bailiff found that APT’s shares were not held by the bank at that time, and the DCCJ subsequently declared in October 2007 that the shares recovery could not be executed as they had been transferred to third parties.
The renewal legal action comes around two months after news surfaced in March of the Boy Thohir-consortium’s decision to sell its stake in BFI Finance. The tender for the stake, which is reportedly set to be closed in the middle of the year, will now be put on hold due to the latest legal move by APT, the statement said. (MS)