Garuda Phenomenon: Loss of IDR 15 Trillion, Its Shares Soared 40 Percent Page all

JAKARTA, KOMPAS.com – Stock PT Garuda Indonesia (Persero) Tbk or GIAA soared in the last few days. In fact, this BUMN has just announced a loss in its financial statements.

Unmitigated, Garuda Indonesia’s losses reached Rp 15 trillion in the third quarter of 2020. Garuda’s finances have been bleeding since the beginning of the pandemic due to the drop in the number of passengers. In the previous few years, the company also recorded fantastic losses.

In the third quarter of 2020, airlines flag carrier This can only book revenues of 1.14 billion US dollars or a decrease of 67.79 percent from the same period in the previous year.

Quoted from trade data stock The Indonesia Stock Exchange or IDX on Sunday (11/15/2020), Garuda’s share price has indeed experienced a sharp spike in the last month.

Also read: KKN Covers Garuda Indonesia in the New Order Era

At the close of stock trading on October 13, 2020 or exactly a month ago, the closing price of GIAA shares as recorded by the IDX was IDR 236 per share.

Meanwhile, Garuda Indonesia shares at the close of trading last November 13, 2020 or the day before yesterday, the price has reached 328 per share. The highest share price even reached 340 per share.

In the last IDX trade, GIAA shares were traded 18,393 times. The volume of shares traded was 306.55 million with a value of Rp 101.25 billion. This means that within a month the share price of Garuda has increased by more than 40 percent.

One of the positive sentiments that caused the skyrocketing shares of Garuda was said to have been contributed by the figure of Yusuf Mansur. The famous Ustaz founder of Paytren invited the public to buy shares in the state-owned airline.

Also read: Garuda’s Gloomy Year: Tripping over a Corruption Case, Losing IDR 15 Trillion

Case corruption aircraft purchase

Apart from the huge losses this year, Garuda also stumbled over a corruption case in aircraft procurement that was investigated by British authorities.

Eradication Commission Corruption stated that he would assist the UK Serious Fraud Office (SFO) regarding the investigation of alleged bribery in the purchase transaction of aircraft from Bombardier to PT Garuda Indonesia.

“The KPK will also help the SFO, which is currently investigating the Garuda case,” said Acting KPK spokesman Ali Fikri.

Earlier in the news in the Wall Street Journal, it was revealed that the Serious Fraud Office (SFO) of England conducted an investigation into the Bombardier company in Canada because the SFO suspected bribery and corruption in connection with the sale of aircraft to PT Garuda Indonesia.

Also read: Financial Track Record of Garuda, a SOE that Often Loses Losses

“Since the beginning of handling bribery cases related to the procurement of aircraft engines for PT. Garuda Indonesia, the KPK has collaborated with law enforcement authorities in several related countries, including the UK SFO and Singapore Corrupt Practices Investigation (CPIB),” Ali added.

The cooperation is in the form of cooperation agent to agent nor through mutual legal assistance (MLA).

“With the SFO, it is in the form of exchanging data and information, especially when the KPK is handling a bribery case involving the president director of PT Garuda Indonesia, et al. Of course this cooperation will continue,” said Ali.

Meanwhile BUMN Minister Erick Thohir has also stated that he supports the investigation conducted by the SFO regarding the alleged bribery made by high-ranking officials from Canadian aircraft manufacturer Bombardier.

“We at the Ministry of BUMN are very supportive of the follow-up of legal issues at Garuda because this is part of good corporate governance and transparency that has been carried out since our inception and is in accordance with the BUMN transformation program,” said Erick Thohir.

Also read: British KPK Investigates Alleged Bombardier Purchase of Bribery, This Is the Response of Garuda Boss

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