Makes It Difficult To Monitor, Savings And Loans Cooperatives That Practice Shadow Banks Endangered

Screenshot of Coordinating Minister for SMEs Teten Masduki during a meeting with the DPR. (Photo: Doc. Antara)

JAKARTA - Minister of Cooperatives and SMEs (MenkopUKM) Teten Masduki stated that the Savings and Loans Cooperative (KSP) that has carried out shadow bank practices will be encouraged to migrate to banks or be disbanded, if it still does not comply with cooperative regulations.

"We have just discussed with the Financial Services Authority (OJK) to find a long-term solution because there are many KSP practices that carry out shadow banks and this makes it difficult for us to carry out surveillance, so later we will find a solution together," said Teten Masduki during a working meeting (raker) with Commission VI DPR RI quoted by Antara, Tuesday, September 6.

As of August 2022, the payment of the Rp26.1 trillion bill from eight KSPs in the Suspension of Debt Payment Obligations (PKPU) has only paid Rp2.7 trillion or 10.5 percent.

The main problem is the delay in payments according to the results of homologation, it is suspected that there are assets in the name of other entities/laws entities of PT and individuals affiliated with cooperatives.

Second, asset-based resolution (takeover of cooperative members' savings funds) which is used as a basis for making payments has not been as expected, because the value of assets is not commensurate with the obligations that must be paid by cooperatives, assets are not in the name of cooperatives, and assets are being processed by the Police and the Prosecutor's Office, so they cannot be disbursed.

Furthermore, lending to most members is in a state of traffic jam. Finally, the low asset offering by buyers is due to sluggish property market commodities so that cooperatives are reluctant to release assets to be sold," said Teten Masduki.

To overcome these problems, he continued, short-term solutions carried out, including encouraging the implementation of payment stages according to homologation, monitoring the implementation of homologation decisions every week, then mediating between members and cooperative management regarding payment barriers to members.

Then also encourage the implementation of member meetings as decision-making forums to explain the business plan in the context of the payment process, and provide assistance in the implementation of the Annual Members' Meeting (RAT).

The long-term solution carried out by the Ministry of Cooperatives and SMEs is to formulate changes to the Regulation of the Minister of Cooperatives and Small and Medium Enterprises Number 11 of 2018 concerning Licensing for Cooperative Savings and Loans Businesses.

"We have done this," said Teten Masduki.

Affirmively, he said, a tightening of business licenses for KSP/KSPPS (Syari'ah Savings and Financing Cooperatives), fit and proper tests for administrators and supervisors, and changes in initial capital based on membership areas from Rp. 15 million to the district/city level, Rp. 75 million to the provincial level, and Rp. 375 million to the national level, to at least Rp. 500 million district/city, Rp. 1 billion to the provincial level, and Rp. 2 billion to the national level.

The two preparation of the Draft Law (RUU) for Cooperatives which functions as an umbrella/induk regulation in the preparation of derivative regulations. The fundamental paradigm change in the content of the bill is regarding the establishment of a cooperative deposit guarantee agency and criminal arrangements for operational offenses," said Teten Masduki.