Jokowi Officially Disbands Istaka Karya, This Is The Fate Of The Remaining Assets

Illustration of BUMN (photo: Dandi Juniar/VOI)

JAKARTA - President Joko Widodo (Jokowi) officially disbanded PT Istaka Karya (Persero). The disbandment of the company is contained in Government Regulation (PP) Number 13 of 2023.

Meanwhile, Government Regulation Number 17 of 2023 concerning the Dissolution of the Company (Persero) PT Istaka Karya was signed by Jokowi on March 17. The regulation took effect on the same day.

In the regulation, explained by the Company Company (Persero) PT Istaka Karya which was established based on Government Regulation Number 19 of 1983 concerning State Equity Participation of the Republic of Indonesia in Share Capital PT Indonesian Consortium of Constction Industry (PT ICCI) disbanded because it was declared bankrupt.

"Based on the decision of the Commercial Court at the Central Jakarta District Court Number 26l Rev. Cancellation of Peace 222lPN.Niaga.Jkt.Pst. dated July 12, 2022, so that the Company's (Persero) bankruptcy assets are in an instigence state," reads paragraph 1 quoted from the regulation, Friday, March 17.

Article 2 explains the implementation of liquidation in the context of disbanding the Company (Persero) PT Istaka Karya in accordance with the provisions of laws and regulations in the field of State-Owned Enterprises (BUMN).

Then, laws and regulations in the field of Bankruptcy and Postponement of Debt Payment Obligations, laws and regulations in the field of Limited Companies, and other laws and regulations.

Regarding the settlement of the disbandment, Article 3 explains that the disbandment, including liquidation, will be carried out no later than five years from the time the Company (Persero) PT Istaka Karya was declared bankrupt.

"All the remaining assets of the company's liquidation (Persero) PT Istaka Karya as referred to in Article 2 are deposited into the State Treasury," reads Article 4.