Jakarta, CNBC Indonesia – The Ministry of SOEs, through the Special Staff of the Minister of SOEs Arya Sinulingga, revealed that seven SOEs that no longer have business prospects and have not been operating for years will soon be closed, one of which is a state-owned enterprise by PT Istaka Karya (Persero).
The other six are PT Kertas Leces (Persero), PT Merpati Nusantara Airlines (Persero), PT Industri Glass (Persero)/Iglas, and PT Kertas Kraft Aceh (Persero).
Then there is PT Industri Sandang Nusantara (Persero) and PT Financing the National Commercial Armada (Persero)/PANN.
Especially for Istaka, according to Arya, the company has a very high burden where debt is higher than assets. Therefore, in the liquidation process, employees will be transferred to BUMN Karya.
Currently, state-owned enterprises are PT Hutama Karya (Persero), PT Wijaya Karya Tbk (WIKA), PT Waskita Karya Tbk (WSKT), PT Adhi Karya Tbk (ADHI), and PT PP Tbk (PTPP).
“From a financial point of view, it is very heavy, the debt is higher than the assets, so we have calculated that it is no longer possible to operate with three times the debt. [dari aset], convoluted, our employees will give space to enter the company [BUMN] our work, there are 2-3 companies ready to accommodate them,” said Arya, in a virtual media meeting, in Jakarta, Tuesday (5/10/2021).
“We give them the opportunity to continue to work in this work, so that they will be as soon as possible, yes, we will liquidate it, hopefully soon Istaka Karya [dilikuidasi]. So indeed they still have a contract but we also calculate the loss of the contract. Losing three times, the danger is that SOEs will only lose, their assets are far below their debts.”
Arya explained that some of the seven SOEs had already distributed severance pay to their employees and the closing process would run after the holding of a general meeting of shareholders (GMS) mechanism or the option to postpone debt payment obligations (PKPU).
“The closest Iglas, we have made payments to employees, have been paid by us, have been paid, then their severance pay has been paid, so later the dissolution through the GMS or PKPU mechanism, we will see the situation later,” said Arya.
As for Aceh Paper, operations have long since stopped due to raw material problems.
“There has been no operation for a long time because of raw materials, there is a moratorium there so they don’t have raw materials, so paper is expensive and so on. This makes it difficult for them to operate because there are no raw materials. We are pursuing the target [penutupan] as soon as possible, this will go to PKPU, if it is still possible, this could be the GMS for the dissolution of Aceh Kraft Paper,” explained Arya.
Meanwhile, Merpati initially had investors who wanted to enter but did not. In addition, this state-owned airline has not had a flight permit for a long time.
“This pigeon has an investor, he failed to become an investor, we don’t know they won’t enter, he won’t enter Merpati. Currently, the Pigeon has no flight permit anymore,” said Arya.
“In terms of employees, we have already set salaries and others, have been paid, while others are taken care of, so that later on any other relationship matters, we will wait for the court’s decision, so Merpati’s obligations will be fulfilled according to the court mechanism,” he said.
As for PT PANN, according to Arya, this company is financing ships and airplanes but is no longer included in the company’s core business.
“It’s no longer in the core business, this is also where they will go bankrupt and there he has a hotel, it’s strange even though he is financing ships, planes and so on, this will be linked, will try as soon as possible [diurus penutupan], “he said.
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