The Supreme Court gave its decision on 21 June 2006 (reported in November 2006) in the case of PT. Indah Kiat Pulp & Paper Tbk v. U.S. Bank National Association et. al. Details of the decision are summarized below.
(a) Facts. Indah Kiat International Finance (Indah Kiat BV) is a company established in the Netherlands and is a wholly owned subsidiary of PT. Indah Kiat Pulp & Paper Tbk (IKPP). In 1994, Indah Kiat BV issued bonds of approximately USD 500 …