Megaskandal State Finance at BCA Gate, Worth Hundreds of Trillion Rupiah

Illustration of the BCA Building (Antara)

JAKARTA - The process of selling 51 percent of BCA shares by the Djarum Group worth Rp5 trillion in 2002, is not equivalent to the recapitalization bond funds disbursed by the government of Rp60 trillion. And based on the Corruption Law, suspected corruption can be considered expired after being over 18 years old.

This was conveyed by the Chairman of the State Financial Economic Investigation Agency (LPEKN), Sasmito Hadinegoro to VOI, Friday, July 3.

In 2002, the government through BPPN sold 51 percent of BCA shares to a consortium involving Farallon Capital Management with a transaction value of around Rp5.3 trillion.

Based on the study prepared together with the LPEKN team, BCA's real value at that time - including physical assets, a portfolio of credit that has recovered, and a recapitalization bond bill worth around Rp60 trillion - is estimated to be far beyond Rp200 trillion.

He said that what was more painful, from 2004 to at least 2009, the state through the Ministry of Finance continued to pay interest subsidies on recapitalization bonds to BCA worth around Rp. 7 trillion per year. Even though at that time the bank was in a healthy condition and had generated large profits. The total subsidy in that period is estimated to have reached Rp. 42 trillion.

"The state sells assets worth more than Rp200 trillion at a price of Rp5 trillion, then after that it still pays "pocket money" to the buyer worth tens of trillions of rupiah again. If this is not a state loss, please someone explain to me a more appropriate term," he said. Sasmito Hadinegoro.

He emphasized that since the 1997-1998 monetary crisis until today, 2026. According to studies that have been repeatedly presented to the public and to law enforcement agencies, the potential loss of the state ranges from Rp. 200 trillion to more than Rp. 1,000 trillion.

"That is if it is calculated from the entire series of BLBI programs, interest subsidies on recapitalization bonds, and the real value of assets released by the state," he said.