TEMPO.CO, Jakarta - The Deposit Insurance Agency (LPS) and PT Bank J Trust Indonesia Tbk—formerly known as Bank Mutiara, are being sued by Mauritius-based investment firm, Weston International Capital Limited. Weston is suing the two companies US$ 110.5 million.

J Trust Co. Ltd., a Japanese investment company that holds the majority shares in Bank Mutiara, is also a defendant.

Weston filed the lawsuit through First Global Funds PCC Limited (FGFL) and Weston International Asset Recovery Company Limited (WIARCO).

Weston's spokesperson Isabela Cismariu said they suspect fraud and theft over the re-registration and transfer cost Bank Mutiara's maturing shares certificate valued at US$ 112.5 million and preference shares worth US$4.8 million.

According to Cismariu, the plaintiff is also suing for the US$97.55 million default on securities and US$ 8.18 million unpaid securities of Westdeutsche Landesbank Fund Linked Note.

"As well as a US$4.8 million damages fee for the unpaid cost of shares transfer," she said in a statement yesterday.

The initial hearing is scheduled for May 6 at a Mauritius Courthouse.

LPS Secretary Samsu Adi Nugroho said he had been notified about the lawsuit by West Capital. The LPS is currently studying the claims and what legal impacts they may have.

As of yesterday, Bank Mutiara's management was still unavailable to give a response.

ADITYA BUDIMAN | AHMAD RAFIQ (SURAKARTA)