Isle banker
unveils $9 mil
in assets

Sia's bankruptcy filing lists
a Rolex and wine collection
among possessions he
wants to keep

By Peter Wagner
Star-Bulletin

He lists a $10,000 Rolex, two Mercedes and a $60,000 wine collection among the things he'd like to keep.

But will the banks, casinos and other creditors owed $296 million by Indonesian businessman Sukamto Sia allow the personal exemptions in his bankruptcy?

Sia, formerly known as Sukarman Sukamto, yesterday filed documents in U.S. Bankruptcy Court showing total assets of $9,364,000 and debts of $296,461,374.

The filing offers the first detailed look at Sia's finances since the controlling owner of Bank of Honolulu filed for Chapter 11 bankruptcy last month, a move that protected him from pursuing creditors.

Among his pursuers is the state of Nevada, where Sia was arrested in October for bouncing $8 million in checks at the Rio and Caesars Palace.

The new documents show Sia owns two residential properties in Singapore valued at $7.3 million; an undeveloped lot on Oahu, at 4967 Maunalani Circle, valued at $1 million; and personal property including two wristwatches, three cars, furniture, wines and other goods valued at $1,064,500.

Also revealed are the 18 companies Sia has an interest in, among them Sukamto Holding Corp.; SHC-Convention Center, Inc.; SHC-Kona Coffee, Inc.; Waikiki Landmark Partners; and Waikane Resources, Inc.

Sia is claiming a total of $849,340 in exemptions under federal bankruptcy law, a figure that could be challenged by creditors. Among the exemptions are $651,000 in insurance policies, $50,000 in furniture, a gold Rolex and a Harry Winston watch each valued at $10,000, about $120,000 in cash in bank accounts, and other property. Federal exemptions for a home, car, furniture and jewelry currently total less than $30,000.

Some bankruptcy attorneys in Honolulu privately doubt that the case will get far before it is dismissed because Sia's debts and property are mostly in other countries. Complicating matters are the nine lawsuits he is facing in Singapore, Hong Kong and Las Vegas over millions of dollars in outstanding bank and gambling debts. Jerrold Gubin, Sia's attorney, said most of the suits have been stayed or suspended. But at least one of them, brought by Credit Suisse in Singapore, could pose a problem, he admits. The bank, claiming it is owed $6.5 million, has obtained a $90,000 injunction that could challenge the authority of the U.S. Court to control Sia's bankruptcy estate.