Istaka Karya, Aceh Kraft Paper, Iglas Et Al, Become A 'Unfortunate' BUMN Because Of Bankruptcy And Finally 'Eliminated' Erick Thohir

Minister of SOEs, Erick Thohir. (Photo: Doc. Ministry of SOEs)

JAKARTA - Being a company with the status of a state-owned enterprise (BUMN) is not always able to run a business smoothly. The reason is, there is a shadow of bankruptcy or bankruptcy if they can no longer pay their debts.

For example, on July 15, 2022, one of the state-owned enterprises, namely PT Istaka Karya (Persero), was declared bankrupt by the Commercial Court at the Central Jakarta District Court. Since the homologation decision in 2013, Istaka Karya has not shown any improvement in performance.

As of 2021, Istaka Karya has a total liability of IDR 1.08 trillion with the company's equity recorded at minus IDR 570 billion. Meanwhile, the company's total assets were recorded at IDR 514 billion.

Istaka Karya is not alone. There are several state-owned companies that have not operated for a long time and were declared bankrupt or bankrupt. Here's the list:

1. PT Istaka Karya (Persero)

PT Istaka Karya (Persero) is a construction service company that has been operating since 1979 under the name PT Indonesia Consortium of Construction Industries (ICCI). Istaka Karya had previously been included in the list of SOEs to be dissolved by SOE Minister Erick Thohir last May.

Then on July 15, 2022, the curator team officially announced that Istaka Karya was bankrupt or bankrupt.

2. PT Industri Sandang Nusantara

PT Industri Sandang Nusantara (ISN) is a government-owned textile company. This company's ISN is a producer of woven yarn, sacks, and plastic sacks. Since 2018, ISN has stopped operating.

3. PT Kertas Kraft Aceh (KKA)

PT Kertas Kraft Aceh (KKA) has stopped operating since 2007 due to difficulties in obtaining raw materials. This cement wrapping paper producer has a factory with an installed capacity of 135,000 tons per year in the Lhokseumawe industrial zone, North Aceh.

President Jokowi once had special memories with KKA. Jokowi had worked at KKA when he migrated to Aceh.

4. PT Glass Industry (Persero)

PT Industri Gelas or generally abbreviated as Iglas is a manufacturer of glass packaging, especially bottles. Since 2015, Iglas has stopped production due to low orders. In addition, the company's condition was also worsened by the corruption case committed by former Iglas President Director Daniel Sunarya.

Previously, Erick Thohir explained that SOEs had completed the dissolution of three SOEs that had not operated for a long time, namely Iglas, ISN, and KKA. This dissolution has been completed through the mechanism of the General Meeting of Shareholders (GMS).