Case Study
Project Trikomsel Singapore
Ongoing- Type of Case :
- Financial Investigations and litigation support
- Title :
- Liquidator (Singapore) and Litigation Support
- Status :
- Ongoing
- Value :
- SGD 215 million
PROJECT OVERVIEW
- PT Trikomsel Oke Tbk, parent company of Trikomsel Pte Ltd and Trikomsel Singapore Pte Ltd (together “Trikomsel Singapore”), is a leading provider of cellular telecommunications products and services in Indonesia.
- Trikomsel Singapore issued two series of bonds in Singapore to retail investors in the amount of SGD 215 million.
- AJCapital Advisory’s Managing Director, Luke Furler, was appointed Liquidator of Trikomsel Singapore by the High Court of Singapore.
PROJECT ISSUES
- Prior to the appointment of Liquidators, there was a restructuring completed in Indonesia for the parent company, implemented through a PKPU.
- A number of queries were brought to the attention of the liquidators concerning the affairs of the business in the period prior to liquidation, in particular, around the value of assets the company held at varying periods.
- The existence of the business primarily in Indonesia, with creditors of Trikomsel Singapore based, while not unique, presents some barriers to recovery.
WHAT WE DID
- Following our initial investigations into the affairs of the business, the Liquidators brought the first successful case for third-party commercial litigation funding in an insolvency before the Singapore Courts.
- The Liquidators are now working with one of the leading third-party litigation funders globally to further investigate and determine if recoveries are available for Trikomsel Singapore’s creditors.
PROJECT OUTCOME
- The project is ongoing