Bakrie Still Has Rp.75 Billion In Debt To Ricardo Gelael's KFC Indonesia, Here's The Chronology

JAKARTA - The owner of the KFC network in Indonesia, PT Fast Food Indonesia Tbk (FAST), stated that currently he has receivables worth IDR 100 billion in PT Bakrie Darma Indonesia (BDl). The receivables relate to the portion of the company's investment deposits with stock collateral in PT Bumi Resources Minerals Tbk (BRMS) from BDI.

Quoted from the information disclosure of KFC Indonesia on the information disclosure page of the Indonesia Stock Exchange (IDX), Tuesday, May 4, this receivable has been paid IDR 25 billion. The remaining Rp75 billion will be settled later by BDI.

This receivable originated from BDI's property development plan. Then the project was offered to KFC Indonesia for it to participate through investment funds.

"BDI is a company that has a property project plan and offers the company to participate in the property project by providing funds to BDI for capital for planned business activities, construction and property purchases," said the management of KFC Indonesia.

Later, as a return, KFC Indonesia, which is owned by tycoon Ricardo Gelael, will be able to use the property for the company's business development. The agreement was made on September 18, 2019 and ended on February 29, 2020, but the project was not completed until the specified time.

"Due to the unrealized property project, BDI has returned a portion of the funds received amounting to Rp 5 billion in December 2020. The remaining Rp 75 billion will still be settled by BDl," explained the management of KFC Indonesia.

Until now, the company is still getting guarantees from BDI in the form of pawning the Bumi Resources Minerals shares. However, the management of KFC Indonesia stated that there was no significant impact on the company for the existence of this transaction.