Kaleidoscope 2023: Cleaning SOEs, From Dissolution To Bankrupt Ends

BUMN illustration (Photo: Doc. VOI)

JAKARTA - Kaleidoscope 2023 also highlighted the transformation maneuver of State-Owned Enterprises (BUMN) carried out by the government. Especially SOE Minister Erick Thohir who cleans up state-owned companies.

This 'clean-up' step at this state-owned company is deemed necessary for companies that cannot be saved.

The dissolution of state-owned companies has also become part of the SOE cleaning program on the SOE Minister Erick Thohir since he first served as minister.

Throughout 2023, at least six state-owned companies were officially disbanded with the approval of President Joko Widodo (Jokowi). Most recently, PT Kertas Kraf Aceh and PT Industri Gelas (Persero).

"The six SOEs that have been disbanded have no commercial and social destinations," said Erick Thohir some time ago.

The following are SOE companies that were disbanded:

1. PT Iglas was disbanded based on PP Number 18 of 2023 concerning the Disbandment of the Company PT Industri Gelas which was signed on April 3, 2023.

2. PT Industri Sandang Nusantara was disbanded based on PP Number 14 of 2023 concerning the Disbandment of the Company (Persero) PT Industri Sandang Nusantara.

3. PT Istaka Karya was disbanded based on PP Number 13 of 2023 concerning the Dissolution of the Company Company (Persero) PT Istaka Karya.

4. PT Kertas Kraft Aceh was disbanded based on PP Number 17 of 2023 concerning the Disbandment of the Company PT Kertas Kraft Aceh.

5. PT Paper Leces disbanded based on PP Number 9 of 2023 concerning the Disbandment of PT Kertas Leces (Persero).

6. PT Merpati Nusantara Airlines was disbanded based on PP Number 8 of 2023 concerning the Disbandment of the Company Company (Persero) PT Merpati Nusantara Airlines.

SOEs Are Threatened With Bankruptcy

Apart from disbanding six state-owned companies. Erick will also dissolve PT Pembiayaan Armada Niaga Nasional (PANN). Currently, the Ministry of SOEs is also processing the disbandment.

President Jokowi has also given the green light to Erick Thohir to dissolve this SOE through Presidential Decree Number 25 of 2022 concerning the 2023 Government Regulation Preparation Program which was signed on December 23, 2022.

Then, there is a state-owned company that is also bleeding and is threatened with bankruptcy due to a large portion of debt and has the potential to default, namely PT Amarta Karya.

PT Amarta Karya is currently undergoing the process of Postponing Debt Payment Obligations (PKPU) at the Central Jakarta Commercial Court. Currently, it has also entered the final process, namely collecting credit funds and voting.

The process determines whether the proposal offered by PT Amarta Karya is accepted or not. If the provision is rejected, then Amarta Karya can receive a bankruptcy status from the Central Jakarta Commercial Court.

Then, PT Waskita Karya (Persero) Tbk. This company also faced the PKPU trial process at the Central Jakarta Commercial Court. However, the issuer with the stock code WSKT managed to escape the threat of bankruptcy after the PKPU application was rejected by the Central Jakarta Commercial Court.

Waskita Karya was sued by one of the holders of Shelf-Registered Bonds III Phase II 2018, namely Donny Hartanto Lasmana. This lawsuit was registered at the Central Jakarta District Court on Monday 26 June 2023 with case number 185/Pdt.Sus-PKPU/2023/PN Niaga Jkt.Pst.

Special Staff (Staffsus) of the Minister of State-Owned Enterprises (BUMN) Arya Sinulingga admitted that he had predicted that Waskita would win the PKPU and escape the snares of bankruptcy.

"It's been like that expected, definitely like that. As I said, Waskita's assets are actually enough to overcome everything. So if it's for bankruptcy, that's not it," he said at the Ministry of SOEs, Jakarta, Friday, August 25.

Furthermore, Arya also said that Waskita was ready to face if the PKPU was sued again. "Yes, just face it. This means that everything is in process," he said.

Disband SOE Grandchildren

This BUMN cleaning step is not only carried out at the parent level, but also the subsidiaries and grandchildren of the company. As of September 2023, 133 children and grandchildren of SOEs were closed.

Erick said the closure of BUMN's children was carried out because there were still state-owned companies in unhealthy condition. In fact, he admitted that he had re-mapping for SOEs who were healthy, sick, and those who could not be saved.

"I am closing 133 children and grandchildren (BUMN), so maybe later, Mr. Wamen, next month we will close again," he said in a Working Meeting with Commission VI of the DPR RI, in Jakarta, written Friday, September 1.

Erick emphasized that he would take firm action against state-owned companies that blamed the authority to establish subsidiaries and even grandchildren without the permission of the Ministry of SOEs and even the parent company.

"If it is BUMN that gives birth to children and grandchildren without permission or BUMN who have children and grandchildren, but undermines the philosophy of our togetherness that SOEs are not ivory towers, but ecosystem SOEs build togetherness in the midst of our economy that is open with the private sector, MSMEs or investments," he said.