Ex-bank owner Agus Anwar declared bankrupt
Prominent former bank owner Agus Anwar was yesterday declared bankrupt by the High Court.
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Selina Lum
04 March 2011
Prominent former bank owner Agus Anwar was yesterday declared bankrupt by the High Court.
The debt-ridden, Indonesia-born businessman, who reportedly owes 23 creditors a total of $103.3 million, has been trying to stave off bankruptcy proceedings by putting forward repayment proposals to his creditors.
Yesterday, two of his creditors - CIMB-GK Securities and OCBC Securities - went ahead with their bankruptcy applications against him.
According to court records, Mr. Agus owes CIMB $22 million and OCBC Securities $2.2 million.
These sums are judgment debts over separate High Court lawsuits brought against him by the broking houses for trading losses.
At the closed-door hearing yesterday before Assistant Registrar Lim Jian Yi, Mr. Agus was made bankrupt over the smaller debt to OCBC - as that application was filed earlier, in October 2009.
A third bankruptcy application, by Orion Oil, was also scheduled to be heard but it did not proceed.
Mr. Agus had borrowed $10.5 million from the investment firm in 2008 while he was in financial difficulty. He tried to get out of repaying the loan but was ordered by the High Court last year to make good on it.
Another creditor, UBS, which is owed $544,329.96, did not file its own bankruptcy application but supported the two made by CIMB and OCBC.
OCBC was represented by Mr. Jansen Chow, while CIMB was represented by Mr. Adrian Wong.
Mr. Agus, said to be in his late 50s, moved here in 2000 to start afresh, following the fallout from the 1997 financial crisis in Indonesia.
He specialised in debt restructuring for major Indonesian business groups.
He became a Singapore citizen in 2004, the same year he made headlines for allegedly owing the Indonesian government 3.2 trillion rupiah. The money, equivalent to S$633 million at the time, was said to have been used to bail out two of his Indonesia-based banks which had collapsed in the 1997 crisis.
A check of court records also shows that he owed a Mr. Jeff Goh Siok Piew $35 million in damages under a settlement agreement signed in February 2009.
In 2008, Mr. Agus’ two sons were ordered to pay the $15 million he owed to the local branch of Societe Generale Bank & Trust. The brothers had signed documents agreeing to be liable for their father’s debts.
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