One Of The Lippo Group Business Entities Who Are Also Meikarta Developers Sued For Bankruptcy, Why?

JAKARTA - PT Kustodian Sentral Efek Indonesia (KSEI) reported that one of the Lippo Group business entities, PT Mahkota Sentosa Utama (MSU), has postponed payment of interest on debt securities.

Quoted from the KSEI website, Monday 7 December, it was written that with respect to information from MSU which was in temporary PKPU status and funds that were not yet effective in KSEI's account, the payment of US dollar long-term debt securities was postponed.

"The debt securities are Mahkota Sentosa Utama I 2019 Series AE Long-term Notes," wrote the letter signed by the Director of KSEI Syafruddin.

To the holders of Medium Term Notes (MTN), KSEI conveyed that the interest payment which should have been carried out on Monday, September 7, 2020, was postponed.

The five series of bonds have a principal value of 62 million US dollars, 56 million US dollars, 54 million US dollars, 42.38 million US dollars, and 4.68 million US dollars respectively, bringing the total to US $ 219.06 million. , or around Rp. 3.07 trillion (exchange rate of Rp. 14,000 per US dollar).

The coupon for each series of notes is 10 percent. Thus, the total interest that has been postponed is US $ 21.9 million, or around Rp.306.6 billion.

Previously, a subsidiary of PT Lippo Cikarang Tbk. which is working on the Meikarta property mega project, namely PT Mahkota Sentosa Utama (MSU), has officially been declared in a state of Postponement of Temporary Debt Payment Obligation (PKPU-S).

Based on data on the interlocutory ruling in the Central Jakarta District Court's Case Tracking Information System, PT Mahkota Sentosa Utama was determined to be in a PKPU state through an initial court hearing on Monday, November 9 2020.

"To determine the PKPU / PT Mahkota Sentosa Utama Respondent in a state of Postponement of Temporary Debt Payment Obligation (PKPU-S) with all the legal consequences for a maximum of 40 days from the time the a quo decision was pronounced," wrote the Central Jakarta District Court.

This PKPU case was filed by PT MSU's creditor, namely PT Graha Megah Tritunggal through the applicant's attorney Erlangga Rekayasa SH. The lawsuit was filed against the defendant PT Mahkota Sentosa Utama on October 6, 2020 with case number 328 / Pdt.Sus-PKPU / 2020 / PN Niaga Jkt. Pst.

In the Monday 9 November 2020 session, the Central Jakarta District Court also declared PT Graha Megah Tritunggal and other creditors, namely PT Kendal Tujuh Properti, as creditors of PT MSU.

The Management Team for this PKPU case has also been appointed. Furthermore, debtors and creditors known in the court decision will be summoned to attend the next trial on December 18, 2020 at 09.00 WIB.

MSU is an associated company of Lippo Cikarang based on the September 2019 financial statements. Meanwhile, as much as 54 percent of shares in LPCK are owned by PT Lippo Karawaci Tbk (LPKR).

Mahkota Sentosa is indeed diligent in issuing bonds. Based on KSEI's data, the last debt securities were registered on 11 December 2019.

The Meikarta megaproject was launched in January 2016 on a 22 million square meter land located in Cikarang, Bekasi Regency, West Java. Since its inception, this project has been said to have an investment value of IDR278 trillion.