Measures sought to revive debt-ridden PT Kanindo<\/p>\n
JAKARTA (JP): Minister of Finance Mar'ie Muhammad acknowledged
\nyesterday that PT Kanindo Success Textile, a textile
\nmanufacturer, is facing financial problems and that the
\ngovernment is seeking measures to save its operations.<\/p>\n
\"I cannot make any comment on the measures to be taken to save
\nthe textile company because they are now still being investigated
\nby the Ministry of Finance and the Ministry of Industry,\" he told
\nreporters after meeting with delegates of the Islamic Development
\nBank (IDB) here yesterday.<\/p>\n
Minister of Industry Tunky Ariwibowo also declined to give any
\ncomment last week.<\/p>\n
\"We have actually found out that the company is now embroiled
\nin a financial debacle but we are now studying all the reasons of
\nits bad debts,\" Tunky was quoted by Bisnis Indonesia yesterday.<\/p>\n
Kanindo Success Textile, a subsidiary of the Kanindo Group
\nowned by Robby Tjahjadi, is reportedly in the process of being
\nacquired by the Texmaco Group and the Association of Indonesian
\nBatik Cooperatives (GKBI).<\/p>\n
Mar'ie said Kanindo's should be secured because it employs a
\nlarge number of people and part of its products is exported to
\nearn foreign exchange.<\/p>\n
A report said that the Kanindo Group's debts reached over Rp
\n500 billion (US$230.30 million).<\/p>\n
\"But in spite of the planned efforts to revive the textile
\nfirm, the government will not allow any state companies to be
\ninvolved in its takeover,\" Tunky said.<\/p>\n
\"State companies have their own jobs, which does not include
\ntaking over private businesses. Let private companies solve their
\nown problems under the government's auspices,\" he said. (fhp)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/measures-sought-to-revive-debt-ridden-pt-kanindo-1447893297",
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"sponsor": "Okusi Associates",
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