The Supreme Court was wrong in strengthening the decision of the South Jakarta district court in favor plaintiff Renaissance Capital Management Investment Pte. Ltd, Frans said here on Thursday.
He said Renaissance has a legal case with Merrill Lynch International Bank Ltd. Singapore, which has nothing to do with his client Merrill Lynch Indonesia.
Frans said the Singaporean high court had even given a verdict in favor of Merrill Lynch International Bank Ltd. ordering Renaissance to pay US$9.4 million on failure to conclude share transaction.
He repeated saying Merrill Lynch International Bank Ltd. Singapore and Merrill Lynch Indonesia are two different institutions.
"The indictment, therefore, has been misplaced," he added.
The court`s decision could serve as a bad precedent for investment climate in the country, he said.
He expressed disappointment that the court had failed to see the fact that Merrill Lynch Indonesia and Merrill Lynch Singapore have entirely no business affiliation.
He said he would file demand for a review especially as he noted that one of the Supreme Court judges gave a dissenting opinion about the decision.
Frans and his client also lose in the appeal court.
Merrill Lynch Indonesia is given 180 days to fully comply with the court decision on the case of Rp250 billion share transaction.
(H-ASG/F001)
Editor: Jafar M Sidik
Copyright © ANTARA 2012
