JAKARTA, RAKYAT NEWS – One of Indonesian giant private company, PT MNC Asia Holding Tbk. (BHIT), owned by Indonesian tycoon Hary Tanoesoedibjo, has officially responded to a colossal lawsuit worth Rp119 trillion (around US$7.7 billion) filed by toll-road operator PT Citra Marga Nusaphala Persada Tbk. (CMNP), controlled by businessman Jusuf Hamka.

In a disclosure to the Indonesia Stock Exchange (IDX), BHIT confirmed it had received information regarding the lawsuit and clarified its stance. The company strongly rejected CMNP’s claims, describing the legal action as baseless and exaggerated.

The lawsuit breaks down into Rp103 trillion (US$6.6 billion) in material losses and Rp16 trillion (US$1.03 billion) in immaterial losses. The dispute centers on a Negotiable Certificate of Deposit (NCD) issued by the now-defunct Unibank in 1999.

At the time, BHIT’s role was limited to acting as a broker or arranger in the transaction between CMNP and Unibank.

According to BHIT, the total value of the NCDs reached US$28 million (about Rp434 billion at today’s exchange rate), with maturity dates set for May 9, 2002, at US$10 million (Rp155 billion) and May 10, 2002, at US$18 million (Rp279 billion). However, in October 2001—seven months before maturity—Unibank was liquidated, leaving CMNP unable to redeem the securities.

BHIT emphasized that its involvement ended as early as May 1999, long before Unibank’s collapse.

The company insisted it never received any funds directly from CMNP and noted that CMNP had obtained annual confirmations from auditors regarding the validity of the NCDs.

“BHIT has no legal obligation whatsoever, let alone to pay damages as demanded by CMNP,” the company declared in its official statement.

Management further explained that it has compiled substantial evidence to defend its position in the ongoing proceedings at the Central Jakarta District Court.

The lawsuit, registered under case number 142/Pdt.G/2025/PN Jkt.Pst on February 25, 2025, names Hary Tanoesoedibjo as the first defendant and BHIT as the second.

CMNP has petitioned the court to impose asset seizures on both defendants and to declare them guilty of committing unlawful acts that caused severe financial losses.

Meanwhile, CMNP has argued that the lawsuit was necessary to establish legal certainty regarding the securities transaction.

“PT Citra Marga Nusaphala Persada Tbk. filed this lawsuit to address unlawful acts related to the 1999 NCD exchange that caused financial losses to the company,” CMNP said in its own disclosure to the IDX.

The dispute, which stems from a transaction more than two decades ago, has now resurfaced as one of the largest corporate lawsuits in Indonesian history.

While CMNP seeks legal accountability for its multitrillion-rupiah loss, BHIT is determined to prove that it was merely an intermediary with no liability in the failed deal. (Uki Ruknuddin)