Law Enforcement Case Jiwasraya-Asabri Judged To Disturb The Wheels Of The Economy, Make People Worried

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JAKARTA - The corruption case of Jiwasraya and Asabri investigated by the Attorney General's Office turned out to make companies as capacity as PT SMR Utama Tbk difficult to find loans for financing heavy equipment and spare parts. This condition is inversely proportional to the statement of The Young Attorney General for Special Crimes (Jampidsus) Ali Mukartono who ensured that the seizure of Heru Hidayat's assets in the case did not interfere with the economic and operational wheels of the affected companies.

This is evidenced that the mining work of pt Trada Alam Minera Tbk's subsidiary is now decreasing as suppliers and financing institutions begin to limit their partnerships. Research Director of the Center of Reform on Economy (CORE), Piter Abdullah also commented on the condition experienced by SMR Utama.

He assessed what PT SMR Utama Tbk experienced was a result of law enforcement, especially foreclosures, by prosecutors who were judged to have harmed the economic wheels and business continuity of the company. Especially those who are not really related in the matter.

"Yes, that's obvious, obviously! Anyone will be worried, because it will definitely be linked (jiwasraya and Asabri case)," piter said in Jakarta, Wednesday, May 26.

According to him, the management of PT SMR Utama Tbk should immediately localize this issue.

"And it can only be done with good cooperation with all parties, with law enforcement, with the government so that everything is completely localized settlement. Otherwise, everyone will be worried," he said.

If this condition continues to occur, he continued, PT SMR Utama Tbk will be difficult to save the company's business.

"If left unchecked, the tendency can have a worsening impact, public confidence in the business world and capital markets will fade. To be sure, the condition of a large company as capacity as PT SMRU Tbk is currently proven to have not improved," he said.

Similar to The Economic and Business Observer of Universitas Pelita Harapan (UPH), Tanggor Sihombing assessed the difficulties experienced by PT SMRU Tbk are multiple.

"The existence of legal action to Jiwasraya has an impact on the performance of the company, the workers and the community," tanggor said.

It is also feared that there will be operational paralysis and it is certain that the company's financial condition will be completely paralyzed. Moreover, at the beginning of 2020 there was a suspension by the IDX because of the Jiwasraya case, then the business turnaround related to the pandemic also had a significant impact.

"It has been seen from the decline in contracts and supply in the 2nd and 3rd quarters in 2020 occurred as well. It certainly boils down to financial performance, internal liquidity and external loans are also not easy. This law enforcement is clearly hampering operations in the first half of 2021," he said.

Previously, SMR Utama Corporate Secretary Arief Novaldi mentioned THAT PT SMR Utama Tbk admitted difficulty finding loans for financing heavy equipment and spare parts.

Because, jiwasraya corruption case that dragged Heru Hidayat, where the concerned is known to have only 13 percent shares in PT Trada Alam Minera Tbk. This makes suppliers and financing institutions began to limit partnerships with PT SMR Utama Tbk.

"The impact of legal cases for companies and subsidiaries, especially in financing heavy equipment through financing institutions. So the plan of subsidiaries in the rejuvenation of tools did not go according to plan which resulted in the mine's work decreased," said SMR Utama Corporate Secretary, Arief Novaldi through the disclosure of information on the Indonesia Stock Exchange.

According to him, the partner provider of goods and services requested a prepayment. Then, a number of heavy equipment leasing providers also lowered their loan ceilings.

Such conditions have put the company under financial pressure since last year. In addition, the COVID-19 pandemic caused demand for coal in the domestic market as well as exports to decline, resulting in coal mining players reducing their production targets by more than 50 percent.

To be known, the Attorney General's Office has dragged a number of parties in the corruption case of financial management and investment funds by Jiwasraya which until now the trial process is still ongoing.

Not only that, in the process of investigating the case of PT Asabri, the Attorney General's Office also vigorously conducted the seizure of assets allegedly owned by the President Commissioner of PT Trada Alam Minera Tbk as well as the Director of PT Maxima Integra, Heru Hidayat who has been sentenced to life in prison for the Jiwasraya case.