Golden Key Group's firm to be managed by Pusri<\/p>\n
JAKARTA (JP): The state-run fertilizer company PT Pupuk
\nSriwijaya (Pusri) was appointed by the state-owned Bank Dagang
\nNegara (BDN) to manage chemical company PT Hamparan Rejeki, a
\nsubsidiary of the debt-ridden Golden Key Group, an official says.<\/p>\n
Hendrobudiyanto, Bank Indonesia's director for the supervision
\nof commercial banks, said at a hearing with the House of
\nRepresentatives' Commission on trade and finance last week that
\nthe appointment of Pusri was aimed mainly to rescue Hamparan
\nRejeki's assets after the Golden Key Group encountered a number
\nof bad debt problems.<\/p>\n
\"The construction of the company's chemical plant has been 98
\npercent finished. And thus, with only a few additions of some
\nmachinery and a little financial support, it can be operated,\"
\nHendrobudiyanto said at the hearing, which was also attended by
\nthe central bank's governor, J. Soedradjad Djiwandono.<\/p>\n
Hendrobudiyanto added that BDN had consent from Hamparan
\nRejeki's shareholders to manage the company. \"As the bank had no
\nexperience in managing a chemical company, it asked Pusri to
\nhandle it.\"<\/p>\n
Hamparan Rejeki, which was financed with loans from BDN, is
\none of the Golden Key's companies located in Cilegon, West Java.
\nThe group's other companies in Cilegon include PT Dinamika Era
\nJaya, PT Pusaka Warna and PT Graha Swakarsa Prima.<\/p>\n
Hendrobudiyanto said the assets of Dinamika Era Jaya were
\nmerely a number of machines and thus it was not feasible to
\ncontinue its operation. Dinamika Era Jaya was financed with loans
\nfrom another state bank, Bank Negara Indonesia (BNI).<\/p>\n
Rescue<\/p>\n
\"Although Era Jaya's assets include a number of machines, we
\nare trying to rescue them. Therefore, we want the company's
\nshareholders to transfer their authority to BNI,\" Hendrobudiyanto
\nsaid.<\/p>\n
He added that Dinamika Era Jaya and Pusaka Warna were funded
\nby another state bank, Bank Pembangunan Indonesia (Bapindo). The
\nassets of these two companies were confiscated by the Attorney
\nGeneral's Office, following the disclosure of a loan scam at
\nBapindo involving more than US$430 million in unpaid debts by the
\nGolden Key Group in mid-1993.<\/p>\n
The boss of the Golden Key Group, Eddy Tansil, and a number of
\nBapindo's directors were imprisoned after being convicted of
\ncorruption in relation to the loan scandal.<\/p>\n
\"The assets of Dinamika Era Jaya and Pusaka Warna are under
\nthe custody of the Attorney General's Office. Thus, we can do
\nnothing with the assets of the two companies,\" Hendrobudiyanto
\nsaid.<\/p>\n
The Golden Key Group has two more companies outside Cilegon.
\nThey are PT Glasifindo Indah, financed by BDN and PT Sukma Beta
\nSempurna funded by another state bank, Bank Bumi Daya.<\/p>\n
Hendrobudiyanto said the shareholders of the last two
\ncompanies had transferred the authority to manage the company to
\nthe two bank creditors. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/golden-key-groups-firm-to-be-managed-by-pusri-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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