The head of MNC Group, Hary Tanoesoedibjo, along with his company PT MNC Asia Holding Tbk (BHIT), has been ordered to pay substantial compensation totaling Rp 531 billion, plus 6% annual interest, in a civil case filed by Jusuf Hamka’s PT Citra Marga Nusaphala Persada Tbk (CMNP). This significant ruling was handed down on Wednesday (April 22), marking a pivotal moment in the prolonged legal dispute.
The court’s decision had an immediate impact on the stock market. Data from the Indonesia Stock Exchange (BEI) showed BHIT shares plummeting 7.89%, or 3 points, to close at Rp 35. Conversely, CMNP shares, owned by Jusuf Hamka, surged 5.23% to Rp 1,710, reflecting investor reactions to the judgment.
This legal battle originated from a lawsuit filed by CMNP against Hary Tanoe, alleging unlawful acts related to a securities transaction involving CMNP and PT Bank Unibank Tbk. Hary Tanoe served as an intermediary in this transaction, where CMNP exchanged its Medium Term Notes (MTN) and bonds for 28 Negotiable Certificates of Deposit (NCD) issued by Unibank. The core issue, however, arose when it was discovered that these NCDs were non-liquidable.
The panel of judges found that the NCDs issued by Unibank could not be cashed, deeming the instruments invalid. Crucially, the court concluded that the defendants, particularly Hary Tanoesoedibjo, should have been aware that these instruments failed to meet regulatory requirements from the outset. “The defendants, as the parties who initiated, offered, and delivered the NCDs to the plaintiff, should have known from the beginning that these NCDs did not meet the requirements,” stated Sunoto, Spokesperson for the Central Jakarta District Court, in an official statement on Thursday (April 23).
Initially, CMNP sought damages amounting to US$ 28 million (approximately Rp 481 billion), coupled with a staggering 2% monthly compound interest that would have accumulated to an estimated Rp 142 trillion. However, the judicial panel rejected the majority of these claims. The court ultimately awarded US$ 28 million, equivalent to Rp 481 billion, in material damages, along with a 6% annual interest rate. Additionally, Rp 50 billion was granted for immaterial damages, bringing the total financial obligation to Rp 531 billion, excluding the accruing interest.
The judges explicitly declared that both Hary Tanoesoedibjo and BHIT were proven to have committed unlawful acts and are jointly and severally liable for the damages. This landmark ruling also invoked the legal doctrine of piercing the corporate veil, indicating that the defendants were found to have acted in bad faith and leveraged the corporate entity inappropriately in the transaction.
It is important to note that this judgment is a first-instance decision. Parties dissatisfied with the verdict retain the right to file an appeal with the Jakarta High Court within 14 days of receiving formal notification of the ruling.
The key points of the court’s judgment are as follows:
- Declaring that Defendant I and Defendant II have been proven to have committed unlawful acts causing damage to the Plaintiff.
- Ordering Defendant I and Defendant II, jointly and severally, to pay material damages amounting to USD 28,000,000 (twenty-eight million United States Dollars) plus 6% interest per annum from May 9, 2002, until fully paid.
- Ordering Defendant I and Defendant II, jointly and severally, to pay immaterial damages amounting to Rp 50,000,000,000 (fifty billion rupiah).
- Ordering Co-Defendant I to submit to and comply with the judgment.
- Ordering Defendant I and Defendant II to pay court costs of Rp 5,024,000.
- Rejecting the Plaintiff’s remaining claims.