Peter Gontha: Conglomerate Chairul Tanjung Loss Rp11 Trillion Because Of Garuda Indonesia

Chairul Tanjung conglomerate. (Photo: Doc. Thepeopleofasia)

JAKARTA - Conglomerate Chairul Tanjung was mentioned by Commissioner of PT Garuda Indonesia (Persero) Tbk Peter Gontha that he suffered a loss of Rp. 11 trillion at the state-owned airline.

Peter, through an upload on his Instagram account @petergontha on Friday, June 4, said that he represented Chairul Tanjung at Garuda Indonesia in the post. Peter wanted to answer the post of the Special Staff of the Minister of SOEs, Arya Sinulingga, regarding the decisions of the Ministry of SOEs which were deemed not to involve the Board of Commissioners of Garuda Indonesia.

For information, Chairul Tanjung owns 28.27 percent of shares of issuers coded GIAA through Trans Airways. In addition to Trans Airways, GIAA shares are owned by the Government of the Republic of Indonesia at 60.54 percent and the public with ownership under 5 percent is 11.19 percent.

"Indeed, I represent people who hold minority shares, meaning that it is only 28 percent, namely Chairul Tanjung [CT]. But it is the minority who have lost Rp11 trillion," said Peter, quoted on Sunday, June 6.

He detailed the calculation of the loss of Rp. 11 trillion. First, when CT was asked for help because the underwriters failed miserably and deposited US$250 million.

At that time, said Peter, the exchange rate was still around Rp. 8,000 per US dollar, while currently it is around Rp. 14,500. Second, GIAA's share price at that time was Rp625, currently at Rp256.

"Please count, but in my opinion, within 9 years I have calculated that CT losses have reached Rp. 11.2 trillion, including interest, not counting inflation, is there a lot, Mas Arya [Arya Sinulingga, Special Staff of the Minister of SOEs]?" he wrote.

The loss mentioned by Peter is still a potential loss as long as Chairul Tanjung has not sold his shares (cut loss).

Previously, Peter revealed 7 reasons why Garuda's finances were in critical condition. A number of causes that have been highlighted include decisions taken by the Ministry of SOEs unilaterally without coordination and without involving the Board of Commissioners.

Through his Facebook account, Peter released a letter to the Garuda Indonesia Board of Commissioners containing his request to the commissioners. In his letter, the newly appointed Garuda Commissioner at the 2020 GMS revealed the cause of Garuda Indonesia's critical financial condition.

He said there were at least seven things that caused Garuda Indonesia's financial crisis to be critical. First, the absence of operational cost savings, including GHA. Second, there is no information on the manner and narrative of negotiating with the lessor.

Third, there is no evaluation or change of flight or route that is losing money. Fourth, cash flow management is not understandable. Fifth, decisions taken by the Ministry of SOEs unilaterally without coordination and without involving the Board of Commissioners.

Sixth, the commissioner's advice is therefore not needed. Seventh, the activities of the commissioners are therefore only 5 hours-6 hours per week. In his letter, Gontha also asked not to be paid the honorarium from May 2021 until the next shareholders' meeting.