PAYMENT OF BPR DEPOSIT INSURANCE CLAIM

Bank Indonesia through Letter of Decree of Bank Indonesia Governor No. 13/85/KEP. GBI/2010 dated September 2011 suspended operation permit of PT BPR Sadayana Artha located at jalan Babakan no 119 Majalaya, the Regency of Bandung since September 7, 2011. The Deposit Insurance Agency (LPS) would play the role as guarantor and undertake the process of liquidation in accordance with Law No 24 year 2004 on Deposit Insurance as amended by law no 7 / 2009 in regard to the rules of implementation.

In the process of payment of deposit insurance claim to customers of PT BPR Sadayana Artha, LPS would make reconciliation and verification of deposit data and other related information to determine the amount of claim pay-worthy or unworthy of payment. Reconciliation and verification would be executed by LPS in not longer than 90 days since date of cancellation of work permit. This was disclosed by Executive Head of Deposit Insurance Agency (LPS) Firdaus Djaelani on September 7, 2011.

In the process of liquidation of PT BPR Sadayana Artha, LPS would take over and take all rights and authorities of shareholders including right and authority of the General Meeting of Shareholders (RUPS). Furthermore LPS as RUPS of Sadayana Arthan would take the following action :

1)    to dismiss the bank as legal institution

2)    to form a liquidation team

3)    to declare status of bank as “Bank in liquidation” and

4)    to discharge all Board of Directors and Board of Shareholders (commissioners)

All matters related to dismissal of legal institution and liquidation process of PT BPR Sadayana Artha would be accomplished by the liquidation team formed by BPS. Supervision over implementation of the liquidation would be done by BPS.