Landmark ruling lets Trikomsel unit liquidators tap commercial claims funder

Singapore

IN THE first ruling of its kind, the High Court has made a declaration that gives the liquidators of two Trikomsel subsidiaries the green light to proceed with a commercial third-party funding arrangement.

Justice Chua Lee Ming's landmark ruling on Tuesday will open the way for KordaMentha - as the liquidators of Trikomsel Pte Ltd and Trikomsel Singapore Pte Ltd - to obtain financial support from Australia-listed litigation funder IMF Bentham for investigations and potential claims.

Trikomsel Pte Ltd and Trikomsel Singapore had helped their Indonesian parent company PT Trikomsel Oke Tbk raise S$215 million in the Singapore bond markets. However, the Indonesian mobile phone operator missed its coupon payments in 2015, making it the first company to default on Singapore dollar bonds since …