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Court to declare businessman bankrupt if he fails to repay loans
Businessman Radius Wibowo, who owns a BBQ chicken franchise under the Goodway group, has been told his business would be declared bankrupt if he fails to repay money he owes to Bank Mayapada Internasional and a private lender
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span>Businessman Radius Wibowo, who owns a BBQ chicken franchise under the Goodway group, has been told his business would be declared bankrupt if he fails to repay money he owes to Bank Mayapada Internasional and a private lender.
According to Mayapada’s lawyer, Davin Varian, Radius was indebted to the bank for an undisclosed amount and Amin Supriyadi Liu for Rp 10 billion (US$712,325).
In a court ruling last Tuesday, the judge ordered Radius to pay his debts within 43 days for “suspension of payment”, otherwise the court would declare his business as being bankrupt, Davin said.
The saga began in 2016 when Amin loaned Radius the money, who promised to pay it through a General Interbank Recurring Order (GIRO) transfer by an indefinite date on “friendly terms”, he added.
As the years went by, the businessman failed to pay his debt and offered to pay by check, with the first deadline being April 4 this year, Davin said.
“But when Amin tried to cash the check on the due date, the bank said Radius’ bank account, which is linked to the payments, had been permanently closed […] This proved that he has debt,” Davin said.
“The defendant denied the allegations [of giving a bogus check] in court. But we provided bonds and promissory notes that Radius himself had witnessed, which he ultimately admitted to having signed,” he added.
Similarly, Radius had borrowed cash from Mayapada Bank in 2015 that he had to repay by May 13, 2018, but had failed to do so even after a warning letter was sent last to him in March that year, according to Davin. The court also ordered him to pay the loan within 43 days.
The deadline extension on the 2004 law on bankruptcy and postponement of debts states that “creditors who deem its debtors unable to resume their loan payments after the deadline could request debtors to postpone their obligations to pay, allowing them to plan their peace offerings that include paying their debts partially or completely”.
The Jakarta Post has contacted Radius’ lawyer, who said he could not comment on the matter.
Bank Mayapada is owned by billionaire Dato’ Sri Tahir — who owns a multifinance business, hotel chains, hospitals, duty-free shops, cable TV and property-related businesses.
Prior to the dispute, the two had previously joined forces in a philanthropic mission to donate Rp 130 billion under the Tahir foundation to Jordan for Palestinian refugees through the United Nations High Commissioner for Refugees.
