KPK Reveals LPEI Makes The State Lose IDR 766.7 Billion Due To Financing Export Facilities

Deputy Chairman of the KPK Alexander Marwata at a press conference at the KPK's Red and White Building, South Jakarta, Tuesday, March 19. (Tsa Tisa-VOI)

JAKARTA - The Corruption Eradication Commission (KPK) has uncovered allegations of corruption in financing by the Indonesian Export Financing Agency (LPEI) has harmed state finances. In total, it is not kidding to reach hundreds of billions of rupiah.

"The deviation carried out by the LPEI Board of Directors and his method of providing export financing facilities and completion of the year's financing to PT PI contained a potential state loss of at least 54,500,000 dollars or at an exchange rate of Rp. 14,047.99 worth Rp.766,705,455,000," said KPK Deputy Chair Alexander Marwata to reporters at a press conference at the KPK's Red and White Building, Kuningan Persada, South Jakarta, Tuesday, March 19.

Alexander detailed that the alleged state loss originated from the provision of export working capital loans (KMKE) by LPEI. However, the process was carried out less carefully and did not pay attention to the conditions of the debtor.

One of those who received KMKE was PTPE. The company received facilities three times, details 22 million US dollars in 2015; IDR 40 billion in 2016; and IDR 200 billion around 2017.

"This aims to support PTPE's working capital in general trading businesses for fuel and other fuel oils," explained Alexander.

However, the granting of this capital credit ignores the security coverage ratio or the feasibility of applying for financing and indications of irregularities in the financial statements for the period of June 2015. "So PTPE's financial report is suspected to contain no truth," he said.

"That in the PTPE report is used as a reference in the analysis of providing guidance to PTPE," continued Alexander.

Alexander also said that fraud occurred because there was an inflated receivable. "Overall, the guarantees given by PTPE are less likely to be able to close the financing facilities provided by PTPE. So, the low guarantees do not close the loans given," said Alexander.

Not only that, PTPE also manipulated financial reports, thereby increasing the valuation value. Thus, fraud occurs caused by inaccuracy.

Next, there was fraud after the KMKE development committee approved business steps related to the fuel retail business to supply PLN through PT KPM. Even though this company has problems with finances.

"That PT KPM is one of the LPEI debtors whose electability is jammed and is a subsidiary of PT PE. So PT KPM and PE are affiliated," said Alexander.

Furthermore, PTPE was declared bankrupt even though it still had arrears to LPEI amounting to Rp840 billion. So that LPEI tried to make a rescue with a receivable transfer scheme through the party when or cessie with a value of 60 million US dollars or equivalent to Rp844 billion.

This receivable was transferred to PT Catur Karsa Megatunggal (CMT) worth US$10 million and PTPI worth US$50 million on March 10. The process is contained in the deed.

Thus, there are allegations that this cessie was carried out solely to transfer receivables from bankruptcy companies to other companies with their owners. This is because PT CMT has shares in PTPE as well as PTPI owned by GM.

The receivable payment has been made by PT CMT in part or 5.5 million dollars so that the remaining 4.5 million dollars. Meanwhile, PTPI has not made any payments.

"We have not seen whether PTPI and PT CMT are worthy of their business and so on. We will investigate it in the investigation process," concluded Alexander.