Revealing BLBI BCA Debt, State Losses Reached IDR 78 Trillion

YOGYAKARTA - The sale of shares of PT Bank Central Asia Tbk. (BCA) related to Bank Indonesia Liquidity Assistance (BLBI) in 2002 became a public spotlight. The sale of these shares is considered detrimental to the state of up to tens of trillions of rupiah.

This is because 51 percent of BCA's shares were released with a value of only Rp. 10 trillion, even though the total state funds that had been invested reached Rp. 87.99 trillion. A number of DPR members also urged the government to reopen the investigation of this case.

This case became a sosotan starting from the writing of the late Kwik Kian Gie, the former Coordinating Minister for Ekuin during the era of President Abdurrahman Wahid. The article entitled BLBI Interpellation The BCA case shows that in the 1997 monetary crisis, BCA received an injection of BLBI of Rp31.99 trillion to reduce rush at the bank. Instead, the government confiscated BCA shares from the Salim family.

It is known, BCA paid a principal debt of IDR 8 trillion and an interest of IDR 8.3 trillion. However, Kwik explained that BLBI's obligations were still IDR 23.99 trillion. Not only that, but the government has also increased capital through Recapitalization Bonds worth IDR 60 trillion.

With the calculation of BCA's net profit at that time of around Rp4 trillion, the total investment funds swelled to Rp87.99 trillion. However, ironically, in 2022 the majority of BCA's shares were then sold to foreign investors Farallon for only Rp10 trillion. This made the government lose around Rp78 trillion.

Later in 2027, the Djarum Group will buy 92.18 shares of Farallon, so that BCA ownership will completely switch to the conglomerate from Kudus.

Not only that, Kwik's writing also highlighted the Salim Group's bad credit of IDR 52.7 trillion which was also the responsibility of the state. Because the Salim family was unable to pay in cash, the government used the Shareholder Obligation Payment (PKPS) scheme via Master Settlement and Acquisition Agreement (MSAA).

Through this scheme, the Salim Group handed over IDR 100 billion in cash and 108 in companies. In this case, the government only received around IDR 20 trillion of total debt of IDR 52.8 trillion or 34 percent of total liabilities.

Responding to the BLBI case, economist at Gadjah Mada University (UGM), Sasmito Hadinegoro encouraged President Prabowo Subianto to form a special team to save state money. He proposed the government take over 51 percent of BCA's shares without compensation.

Sasmito assessed that there was engineering in the acquisition of BCA shares by the Djarum Group during the era of President Megawati Soekarnoputri's administration. He explained that at that time the value of BCA reached IDR 117 trillion with a debt to the state of IDR 60 trillion.

At that time, in December 2002, the share value (BCA) was IDR 117 trillion. In the book, BCA has debts to the state of IDR 60 trillion, disbursed IDR 7 trillion annually," said Sasmito, Wednesday, August 13.

He questioned why the presidential team (Keppres) formed by Jokowi's era to handle this case was not continued. According to him, the settlement of this case can return state assets whose value is estimated to reach Rp700 trillion to Danantara.

Sasmito offered to lead the task force to eradicate the state financial mafia if it was given the trust, in order to realize the commitment of the Prabowo government in fighting corruption.

"Just make a task force to eradicate the state financial mafia. If you believe it, I am willing to be the Head of the Task Force for the Eradication of the State Financial Mafia. For the sake of the Republic of Indonesia," said Sasmito.