PT Kedap Sayaaq legal team alleges bankruptcy irregularities in Surabaya

Legal counsel for PT Kedap Sayaaq, a South Korean coal mining company, has raised allegations of irregularities regarding the company's bankruptcy proceedings and asset settlement at the Surabaya District Court.

The legal team, led by Prayogha Rizky, claims that the court's decision to utilize a ‘going concern’ mechanism—intended to maintain business operations to settle obligations—was violated when the curator sold strategic, high-value assets at significantly undervalued prices. The counsel alleges these assets were sold to parties affiliated with the plaintiffs.

Furthermore, the legal team has accused specific judges involved in the case of facilitating flawed and procedurally defective asset sales. Allegations of collusion between the curator and the judicial panel have been formally reported to the Judicial Commission and the Supreme Court of Indonesia.