JAKARTA. The Central Jakarta District Court (PN) has rejected the bankruptcy lawsuit filed by KT Corporation against PT Global Mediacom Tbk (BMTR).
Abuzzal Abusaeri, Corporate Secretary of BMTR, said that the company has asked the Indonesia Stock Exchange to remove the "bankruptcy lawsuit" note from the listing board.
For information, KT Corporation is a telecommunications company from South Korea. The company and Qualcomm Incorporated filed a bankruptcy lawsuit against BMTR due to the option contract signed in 2006. According to KT Corporation, BMTR has violated a number of obligations mentioned in the option agreement.
KT Corporation and Qualcomm have even submitted arbitration requests to the International Chamber of Commerce and the International Arbitration Court. The arbitration panel has also made a decision requiring BMTR to pay its obligations to Qualcomm and KT Corporation.
However, in Indonesia, the bankruptcy lawsuit filed by KT Corporation against BMTR is considered to have no solid evidence. In the case No. 33 / Pdt.Sus-Pailit / 2020, Central Jakarta District Court sentenced KT Corporation to pay court fees of Rp3.41 million. (KR/AR)