Get Capital IDR 1,000 Trillion, Danantara Will Finance Prabowo's Infrastructure-Energy Project

Rupiah (Photo: Antara)

The Draft Law (RUU) of State-Owned Enterprises (BUMN) has been passed into Law (UU) in a plenary meeting held today. That way, the Investment Management Agency (BPI) Daya Anagata Nusantara (Dantara) will also be inaugurated.

Member of Commission VI DPR RI, Herman Khaeron said that the BUMN Bill, which will be the third amendment to Law number 19 of 2003 concerning SOEs, regulates the duties and functions of the Danantara.

Furthermore, Herman said, as an investment manager, Danantara will be a source of financing for government infrastructure-energy projects.

"Initially, the capital was targeted at Rp1,000 trillion in the law. Including Danantara, it will be a source of financing for infrastructure and energy projects. Then become a management body for the ability of SOEs to generate profits and dividends," Herman said when met at the DPR RI building, Jakarta, written Tuesday, February 4.

After there is Danantara, continued Herman, SOEs will also not get State Capital Participation (PMN), except for government assignments.

"There is no need for PMN anymore, because there is already Danantara. So there is no more PMN, unless there is an assignment," he explained.

In addition, Herman explained that Danantara is tasked with managing SOEs under the supervision of the Minister, and reporting to the President.

Even though he is under ministerial supervision, Herman said Danantara is a body directly under the President, not the Minister of SOEs. He said there are several powers that Danantara can carry out directly as a body under the President.

(The work plan) is already in Danantara. So later including the dividend target, then how much, collaborating on financing needs, that's the domain in Danantara," he said.

Previously, it was reported that the Draft draft law (RUU) regarding the third amendment to Law Number 19 of 2003 concerning the State-Owned Enterprises (BUMN) version of the DPR stated that the Danantara Investment Management Agency (BPI) would carry out part of the duties of the Minister of SOEs in managing SOEs.

The information regarding the division of tasks is contained in the clause of Article 3D of the Problem Invetarization List (DIM) of the BUMN Bill.

"In carrying out SOE management, the Minister has delegated part of his duties and authorities to the Agency," the regulation reads, quoted Monday, February 3.

Still citing the DIM BUMN Bill, in Article 3D paragraph (5) in order to ensure dividend contribution to investment management, the Minister can place his representative in Danantara.

Then, in the clause of Article 3E, BPI Danantara's duties are emphasized in the management of SOEs. There are six points that are the main tasks of the Danantara.

The details, managing investment holding dividends, operational holdings and SOEs, approve the addition and/or reduction of capital participation in SOEs sourced from dividend management.

Furthermore, agreeing to the restructuring of SOEs includes merger, consolidation, takeover, and separation. Then, form an Investment holding, operational holding, and BUMN.

Then, approve the proposal to delete books and/or delete collections on state-owned assets proposed by the investment holding, or operational holding. Then, ratify and consult the DPR on the work plan and holding company budget.

Still referring to the BUMN Bill's Invetarization List (DIM), Article 3F paragraph (3) it is stated that the agency's capital is set at least Rp1,000 trillion.

"The figure is IDR 1,000 trillion, based on the capital for the consolidation of SOEs for the 2023 financial year which amounted to IDR 1,135 trillion," the regulation reads.

Article 3 also explains in detail the origin of Danantara's capital sources. In paragraph (1) it is stated that there are two Danantara capital sources, namely state capital participation (PMN) and/or other sources.

Then, in paragraph (2) it is explained that PMN for Danantara capital can come from cash funds, state property, and/or state-owned shares in BUMN.

Still citing the same source, Article 31 point a stipulates that Danantara's assets can come from capital participation as referred to in Article 3F paragraph (1).

Meanwhile, in point b to e, it is regulated that assets and between can come from the development of Danantara assets, the transfer of state assets or state-owned assets, grants or other legitimate sources.