BLBI Task Force Performance Doubtful, Only Confiscated Assets Of IDR 19.16 Trillion From Total IDR 110.45 Trillion

Illustration. (Photo: Doc. Ministry of Finance)

JAKARTA - The performance of the Task Force for Collection of State Collection Rights for the Bank Indonesia Liquidity Assistance Fund (BLBI) is again in doubt. The reason is, until March 31, 2022, the BLBI Task Force has only confiscated the assets of obligors and debtors of Bank Indonesia Liquidity Assistance (BLBI) in the amount of Rp. 19.16 trillion. This figure is still far from the target value of the former BLBI's assets, which is estimated at Rp110.45 trillion.

"This means that the BLBI Task Force in one year has only reached 17 percent of the target even though the working time is 37 percent," said the Chairman of the Special Committee for Bank Indonesia Liquidity Assistance (Pansus BLBI) DPD RI, Bustami Zainudin, who was accompanied by Expert Staff of the DPD BLBI Special Committee, Hardjuno Wiwoho, at Jakarta, Monday 25 April.

Previously, President Joko Widodo issued Presidential Decree of the Republic of Indonesia (Keppres) Number 6 of 2021 concerning the Task Force for Handling State Collection Rights for Bank Indonesia Liquidity Assistance Funds (BLBI) on April 6, 2021. This presidential decree was made in the context of handling and restoring state rights in the form of rights collect the state for the remaining state receivables from BLBI funds and property assets.

Unfortunately, said Bustami, the performance of the BLBI Task Force has not been satisfactory. This can be seen from the performance achievement of the BLBI Task Force, which is still far from being burnt.

Based on the 2021 Central Government Financial Report (LKPP), the asset value of the former BLBI is estimated at Rp110.45 trillion. However, until now, the value of the assets that have been rescued is only Rp. 19.16 trillion.

"The work time of this Task Force Team is limited, its working period is until December 2023. Having a total working period of 32 months, during these 12 months the Task Force has only collected a confiscated value of 17 percent of the target. I estimate that until the end of their working period, the target is IDR 110.45 trillion This will not be achieved," he said.

In the same place, the Expert Staff of the BLBI Special Committee, Hardjuno Hardjuno, doubted the ability of the BLBI Task Force in hunting down the assets and prices of these BLBI obligors.

"I see that the BLBI Task Force has started to become lethargic. So we cannot get maximum results according to the target," he criticized.

According to him, with very limited time remaining then to pursue the predetermined target. That's why Hardjuno suggested that the BLBI Task Force cannot work alone. They must communicate intensively with state institutions that have the authority to assist the performance of the BLBI Task Force.

"KPK, the Prosecutor's Office, Criminal Investigation Police, even the DPD BLBI Special Committee are ready to assist the BLBI Task Force," he said.

Hardjuno said that inter-institutional cooperation in hunting down the assets of BLBI evading obligors is very important. This is because the BLBI facility has a very evil nature and has become the number 1 mega scandal in this country.

"Only now is the momentum to get it over with and cut it off from the future of this country," he said.

The failure of the BLBI Task Force will make the legacy of this past problem continue to ensnare the course of the state.

"Why? Because the money from the BLBI crime is very large, it is suspected that the fraudsters can freely use it for political games, as a candidate for the country's elite, so that this country is like being held hostage by the past," said Hardjuno.

The BLBI Task Force should also pay attention to the issue of BLBI Recap Bonds, which currently continue to burden the State Budget with annual recap interest payments of up to IDR 50-70 trillion.

The interest on this recap bond will always be an estimate because so far the government has not been open about how much the state actually paid to the banks receiving the recap bond.

"Now what is clear is that these banks have profited, some have even become number 1 banks in Indonesia and even Asia. In the past, when recapitalization was given, it was aimed at banks not collapsing, now they are victorious, yes there should be a moratorium on recap bonds," said Hardjuno.

To note, this BLBI mega scandal consisted of direct assistance which was then paid with the assets of the bank owners to the National Bank Restructuring Agency (IBRA) but then many of these assets were fraudulent or the value was insufficient to pay their debts. The second problem is the issuance of recap bonds (OR) by the state to circumvent accounting calculations so that bank capital on paper is sufficient in accordance with the provisions.

"Because at that time the state ran out of cash, so they were only given OR, paper. It was as if the government owed it. But how come it has not been clarified until now. Even these ORs have been sold, how long will the people bear? no longer need government assistance," said Hardjuno.

In addition, Hardjuno also criticized the Ministry of Finance for announcing the value of confiscated assets from BLBI obligors amounting to Rp. 19.16 trillion. In fact, the state has experience with IBRA allegedly confiscating assets whose value does not match the declared value.

"Well, it is better for the Ministry of Finance to clarify or make a website for the land here and here, the NJOP value is the market value. So we can see together," concluded Hardjuno.

On Friday, April 22, during the DJKN Discussion, Director of State Asset Management DJKN Ministry of Finance Purnama T Sianturi said that the Ministry of Finance recorded that the total assets of BLBI obligors and debtors that had been confiscated by the BLBI Task Force reached Rp. 19.16 trillion as of March 31, 2022.