ID :
21029
Wed, 09/24/2008 - 21:28
Auther :
Shortlink :
http://m.oananews.org//node/21029
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BI SHARES IN PT BAHANA TO BE DIVESTED BEFORE YEAR END
Jakarta, Sept 24 (ANTARA) - State Enterprises Minister Sofyan Djalil said the government would complete the divestment of 82.7 percent of the shares of Bank Indonesia (the central bank) in PT Bahana Pembinaan Usaha Indonesia before the end of this year.
"The divestment of Bank Indonesia (BI) shares in Bahana must be accomplished this year so that BI, in line with the law, will no longer have shares in the company," Djalil said at his office.
He said negotiations on the matter were still continuing with two options on offer, namely selling the shares to the government and/or giving them to the government as a grant.
"The settlement of the problem also depends on the financial condition of PT Bahana," he said.
According to records PT Bahana is now facing financial difficulties because of its debt to the government totaling Rp369.4 billion and US$98 million.
The company had asked for the restructuring several times including asking to set-off its Investment Fund Account debt with compensation funds.
PT Bahana received a loan from the government's Investment Fund Account on December 16, 1998 totaling Rp250 billion. When it was due the company failed to pay the principal, interest and fines due.
Djalil said the essence of the problem was releasing the BI shares because in line with the law the central bank had to release its ownership in sister companies that were not in line with the bank's tasks.
"BI wants to respect the law and the BI law also states that the problem has to be settled before 2009," he said.
The minister said the question whether the shares would be sold or presented to the government as as grant was now still being worked out.
"The BI governor has sent a letter to the finance minister telling that in principle BI would release its ownership in Bahana. So there has not yet been any agreement," he said.
Regarding the possibility of BI choosing to sell the shares to the government, he said "the government does not have the money for it. So the tendency is giving them as a grant. It is like something that enters through the left pocket and exits through the right pocket," he said.
"The divestment of Bank Indonesia (BI) shares in Bahana must be accomplished this year so that BI, in line with the law, will no longer have shares in the company," Djalil said at his office.
He said negotiations on the matter were still continuing with two options on offer, namely selling the shares to the government and/or giving them to the government as a grant.
"The settlement of the problem also depends on the financial condition of PT Bahana," he said.
According to records PT Bahana is now facing financial difficulties because of its debt to the government totaling Rp369.4 billion and US$98 million.
The company had asked for the restructuring several times including asking to set-off its Investment Fund Account debt with compensation funds.
PT Bahana received a loan from the government's Investment Fund Account on December 16, 1998 totaling Rp250 billion. When it was due the company failed to pay the principal, interest and fines due.
Djalil said the essence of the problem was releasing the BI shares because in line with the law the central bank had to release its ownership in sister companies that were not in line with the bank's tasks.
"BI wants to respect the law and the BI law also states that the problem has to be settled before 2009," he said.
The minister said the question whether the shares would be sold or presented to the government as as grant was now still being worked out.
"The BI governor has sent a letter to the finance minister telling that in principle BI would release its ownership in Bahana. So there has not yet been any agreement," he said.
Regarding the possibility of BI choosing to sell the shares to the government, he said "the government does not have the money for it. So the tendency is giving them as a grant. It is like something that enters through the left pocket and exits through the right pocket," he said.
