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Bali Kuta Residence Asked to Pay its Bills

New Apartment Complex in Kuta Scrambling for Funds to Pay Contractors, Workers and Suppliers.

Bali News:
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NusaBali reports that hundreds of suppliers, workers and construction supervisors descended upon the nearly completed Bali Kuta Residence (BKR) on Wednesday, June 17, 2009, demanding payment for goods and services.

According to NusaBali, the group of unpaid workers and business people came to the site after repeated unfulfilled promises by the projects owner, Handoko, to meet his obligations. One of those demanding payment was quoted as saying: "It's been tens of times that we've been promised (payment), so now we have to know when we are going to be paid. We were told that on June 17th we would be paid, but that was all untrue."

The angry delegation was received in the lobby of the apartment complex by an assistant of the owner, Soni. S., who told the crowd that his boss was presently in Jakarta organizing a Rp. 15 billion (US$1.46 million) loan from Bank Negara Indonesia, 80%of which will be used to pay off the creditors with the remainder used as operating funds for the apartment scheduled to open in August.

One of the construction supervisors on the 267 unit apartment, Heru Wahyono, said their were 300 construction workers with unpaid salaries of Rp. 995 million (US$93,170) who had not been paid for several months.

Meanwhile, several suppliers told NusaBali they were no longer interested in the promises of the owner and were prepared to file a criminal complaint against Handoko.

The owner's representative, Sony S., complained the NusaBali that the unfavorable press reports regarding the late payments were now a factor in the continuing delay, causing one candidate bank for an additional loan to withdraw from loan negotiations with the owner. According to Sony, "we have not collapsed, we are looking for new investors so the bank funds can be made available."

Sony told the press that the 267 one and two-bedroom apartments were now completed, with around 50% of the available units sold and ready for full operations in August 2009.

Promotion materials for the apartment complex have promised professional international management, prices starting from US$49.500 per unit and 8% guaranteed returns on investment.

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