JAKARTA
– Mr Harun Abidin, a troubled businessman from Medan, together with his
company (TaTa Artha Group) have been declared in default of their legal
obligations to Cedrus Investments Ltd. by the Grand Court of Cayman
Islands on 31 May 2017.
The problem between Harun
Abidin and Cedrus Investments Ltd. began when Harun Abidin breached his
obligations to repay his debt owed to Cedrus Investments Ltd., a company
incorporated in Cayman Islands.
By mid-2015 when Harun
Abidin began to miss scheduled payments to Cedrus Investments Ltd. In a
demonstration of good-faith, Cedrus Investments granted multiple
extensions in consideration of Abidin’s situation by extending the due
date of the requisite payments.
But good-faith from
Cedrus Investments Ltd. was not reciprocated by Harun Abidin and instead
he filed false and misleading reports against Cedrus Investments Ltd.
to the Bareskrim in Indonesia including the local Indonesian media.
After
that troubled Abidin continued his misrepresentation and deceit of the
system through various unethical actions in order to avoid the
legitimate obligation to repay his debts, said Mr. Wirawan Adnan from
Sholeh Adnan & Associates, lawyer for Cedrus investments in Jakarta.
On
31 May 2017, the Grand Court of Cayman Islands brought justice to
Cedrus Investments Ltd. Harun Abidin was found in breach of his
obligations by the court and the court orders Harun Abidin to repay
Cedrus in excess of USD 4 million ($4,000,000 dollars) plus interest to
be assessed and costs.
This judgement is a hard hit for
Harun Abidin, as it will add heavily to his indebtness that he owes to
many other parties both in Indonesia and internationally. A copy of the
court order and judgement is enclosed. (ef/gn)
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