Sentul City Has Been Sued For Consumer Bankruptcy Twice, Its Performance Has Dropped: Loss Of IDR 234 Billion In Semester I 2020

AEON Mall building in Sentul City area which is similar to Marina Bay Sands Singapore. (Photo: Sentul City)

JAKARTA - One of the property companies, PT Sentul City Tbk, had an unlucky fate. In the midst of the sluggish property industry and the ongoing COVID-19 pandemic, they have been sued twice by their consumers in 2020.

Not only that, the manager of the property area in Sentul has also experienced unsatisfactory performance this year. The company is recorded to have suffered significant losses.

Based on Sentul City's financial statements for the first semester of 2020, this issuer coded as BKSL shares recorded revenues of IDR 159.3 billion. This achievement fell 59.18 percent compared to the same period the previous year amounting to IDR390.34 billion.

The decline in Sentul City's revenue was due to the sale of ready-to-build land, residential houses, shop houses, and apartments, which recorded a significant drop to IDR75.54 billion from the same period last year of IDR307.92 billion.

In the city management post, Sentul City also recorded a decrease to Rp. 38.08 billion from Rp. 45.41 billion. Only hotels, restaurants and amusement parks posted a 23.39 percent growth to Rp45.67 billion.

As a result, in the first semester of 2020 Sentul City recorded a net loss of IDR 234.49 billion. Even though in the first semester of 2019, they still recorded a net profit of IDR 41.92 billion.

The Bintoro Family sued

The first lawsuit from Sentul City consumers came from the Bintoro Family through the Central Jakarta District Court (PN Jakpus) dated Friday 7 August 2020. The application for bankruptcy declaration case number 35 / Pdt.Sus-Pailit / 2020 / PN Niaga Jkt.Pst.

This lawsuit was filed on behalf of Ang Andi Bintoro, Linda Karnadi, Meilyana Bintoro, Jimmy Bintoro, Silviana Bintoro, Denny Bintoro. Sentul City has explained the background of the company being sued for bankruptcy by the Bintoro family, which occurred initially due to a Sale and Purchase Agreement (PPJB) with a mature plot object on Jl Adora Drive No. 15, Cluster Habiture, Sentul City, Bogor.

Previously, the mature plots would be handed over according to the handover invitation letters dated 18 March 2014 and 20 August 2014 respectively. However, according to the company, the Bintoro family did not comply.

In accordance with the PPJB, the bankruptcy applicant has submitted money to the company amounting to Rp29,319,000,000. The delivery of the money provided that the buyer's obligation to build the mature lot.

On the basis of the case, Sentul City felt that they had no debt to the buyer who was the applicant for bankruptcy. Because the money that has been handed over to buy the mature lot.

For information, the Bintoro family is the owner of PT Olympindo Multifinance which since April 2018 changed its name to PT Jtrust Olympindo Multi Finance (JTO Finance). This name change occurred after JTrust Asia Pte. Ltd. acquired 60 percent of the company's shares.

Based on information on the company's official website, Ang Andi Bintoro is the main commissioner of JTO Finance, while Jimmy Bintoro is a commissioner, and Meilyana Bintoro is the deputy president director.

The company's main business includes financing for new and used motor vehicles, financing for agricultural equipment, financing for equipment and other machinery, financing for land and buildings and working capital, and other financing for both productive and consumptive purposes.

Alfian Tito sued

The second lawsuit against Sentul City came from a consumer named Alfian Tito Suryansyah who submitted a request for Postponement of Debt Payment Obligations (PKPU).

The PKPU was submitted to the Commercial Court at the Central Jakarta District Court (PN) on November 13, 2020 with Case Number 387 / Pdt.Sus-PKPU / 2020 / PN Niaga Jkt.Pst. The applicant's attorneys in this lawsuit are Salim The Atmaja, SH and Sentul City as defendants.

Ah Poong Market in the Bukit Sentul area. (Photo: Sentul City)

"Accept and grant the PKPU APPLICANT in full; Declare the PKPU / PT. SENTUL CITY, Tbk APPLICANT in Suspension of Temporary Debt Payment Obligations (PKPUS) for a maximum of 45 (forty five) days from the time the verdict is pronounced," read the petitum from the Classification letter. Case for Postponement of Debt Payment Obligations.

This lawsuit was filed because Sentul City had not surrendered the land and buildings to the PKPU applicant, namely Alfian Tito Suryansyah. Alfian is a land and building buyer from Sentul City.

Judges from the Commercial Court at the Central Jakarta District Court have been appointed as Supervisory Judges to oversee the Postponement of Debt Payment Obligation (PKPU), including Rony Purwanto Purba, Rafshahdy Azari Soediro, and Yopi Gunawan as Curators and Administrators registered with the Ministry of Law and Human Rights Human.

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"To act as the Management Team in the event that the PKPU defendant is declared in the Provisional PKPU or appointed as the Curator Team in the event that the PKPU respondent is declared Bankrupt, punishing the PKPU respondent to pay all the costs of this case," the statement read.

Sentul City also opened their voices regarding the bankruptcy lawsuit. In an explanation to the Indonesia Stock Exchange (IDX), the Managing Director of Sentul City Tjetje Muljanto, and Director of Sentul City Iwan Budiharsana, explained that it was true that there was a PKPU application against the company.

"The background of the company being petitioned by PKPU is because the company (PKPU Respondent) as the seller of land and buildings located on Jalan Gunung Kelimutu Number 78 has not surrendered the land and buildings to (PKPU Petitioner) as the buyer of land and buildings," wrote both in their response letter to the IDX. , quoted Wednesday 25 November.

In the letter, it was stated that PKPU Petitioner (Alfian) had purchased land and buildings on Jalan Gunung Kelimutu Number 78, Green Mountain Cluster, Sentul City, with an area of 81 square meters based on the Sale and Purchase Agreement No. 0090 / GMT / PPJBTB / SC / III / 2015 on March 6, 2015.

The amount of the purchase price was IDR 901,735,020 million. The handover of land and buildings should have been carried out on May 31, 2017. However, until now Sentul City has not yet made the handover to the buyer or the PKPU Petitioner.

However, Sentul City management emphasized that this value did not have a material impact on business continuity and operational activities. As for the efforts to resolve the problem with the PKPU Petitioner is to invite the PKPU applicant to deliberate and find the best solution for the parties.

Sentul City stated that the source of funds and the mechanism for the implementation of payments to the PKPU Petitioner, if agreed, were to be taken from the company's cash.

Stock Performance

After being sued by the Bintoro family, the Indonesia Stock Exchange (IDX) temporarily suspended or suspended the shares of PT Sentul City Tbk (BKSL) on August 10, 2020. But then on August 12 2020, the IDX decided to lift the temporary suspension of trading in BKSL securities in all markets since the session I trade in securities.

Illustration. (Photo: Unsplash)

The decision refers to the Exchange Announcement No. Termination-SPT-00007 / BEI.PP1 / 08-2020 dated August 10, 2020 regarding Temporary Suspension of Trading in PT Sentul City Tbk .; and Sentul City Letter No. 65 / SC-CS / VIII / 2020 dated 11 August 2020 regarding Explanation of Request for Explanation of the Indonesia Stock Exchange.

However, BKSL's share price is still stuck at IDR 50 per share. Based on the investigation, BKSL's share price at IDR 50 per share has been going on since February 25, 2020.

In early June BKSL's share price moved up to Rp 54 per share. However, until this article was written, Sentul City's shares did not move from the gocap level.

For information, Sentul City's shares had touched their highest level in 2007 at the price of Rp. 800 per share before being hit by the global financial crisis in 2008. The company, which has been on the IDX since 1997, has not even been able to rise back to the level of Rp. 400 per share and tends to be traded in Indonesia. price of around Rp100 per share along the way.

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