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Humpuss subsidiary declared bankrupt

Humpuss subsidiary declared bankrupt
Jakarta: A wholly-owned subsidiary of Indonesia-based Humpuss Intermoda Transportasi (HIT) succumbed to bankruptcy after defaulting on payment for chartered ships to Linsen International.

The Singapore-based subsidiary Humpuss Sea Transport (HST) was declared bankrupt following a ruling by the Singapore High Court on 20 January, HIT revealed in an announcement on Monday to the Indonesia Stock Exchange.

“Our company [HIT] has yet to receive a copy of the court ruling. We are studying the impact of (HST's bankruptcy) on HTI's consolidated revenue,” HIT said in a statement.

Shipping firm HIT, which transports oil, gas, coal and chemicals, is controlled by Hutomo “Tommy” Mandala Putra, the youngest son of the late Indonesian president Suharto.