Unfair revenue split causes losses to Jasa Marga<\/p>\n
Tantri Yuliandini, The Jakarta Post. Jakarta<\/p>\n
State-owned toll operator PT Jasa Marga said that the recent
\naudit findings of Rp 1.68 trillion (about US$160 million) in
\nefficiency losses were mainly caused by an uneven revenue sharing
\nscheme between the company and private toll road investor PT
\nCitra Marga Nusapala Persada (CMNP).<\/p>\n
Jasa Marga president Syarifuddin Alambai said on Wednesday
\nthat in the revenue sharing scheme for the construction of the
\nCawang-Tanjung Priok toll road, initiated by the government in
\n1989, Jasa Marga would receive 25 percent of the total revenue
\nfrom the road, while CMNP would receive 75 percent.<\/p>\n
\"At the time, the government allowed CMNP to receive a higher
\nshare because it had invested more money in the project than us,\"
\nhe said in a media conference here.<\/p>\n
In the agreement, Jasa Marga operates the Cawang-Grogol
\nsection, while CMNP operates the Cawang-Pluit section,
\nSyarifuddin said.<\/p>\n
Since then it became clear that the Cawang-Grogol section was
\nmore profitable than the Cawang-Pluit section operated by CMNP,
\nhe said, explaining that the traffic flow between Cawang and
\nGrogol was 65 percent higher than between Cawang and Pluit.<\/p>\n
Syarifuddin said that the audit found that if the revenue
\nsharing scheme was to continue for the extent of the contract, or
\nuntil 2023, then there would be efficiency losses amounting to Rp
\n1.1 trillion and potential loss of Rp 1.9 trillion.<\/p>\n
\"Therefore Jasa Marga and CMNP have agreed to make adjustments
\nto the revenue split, but we have not reached an agreement yet on
\nthe percentages,\" he said.<\/p>\n
According to Jasa Marga's calculation, based on the value of
\ninvestment and the amount of traffic, the company's portion
\nshould be 53 percent and CMNP 47 percent since 1997, Syarifuddin
\nsaid.<\/p>\n
However, CMNP had proposed that the split be 65 percent for
\nCMNP and 35 percent for Jasa Marga, he said.<\/p>\n
\"If we cannot reach an agreement on this, we will invite the
\nhelp of an arbitration committee to make a calculation and
\ndetermine the split,\" Syarifuddin added.<\/p>\n
CMNP, founded by, among others, former president Soeharto's
\ndaughter Siti Hardijanti Rukmana, is 17.79 percent owned by Jasa
\nMarga, 11.01 percent owned by Yayasan Purna Bhakti Pertiwi, 8.8
\npercent owned by PT Indocement Tunggal Prakarsa, 6 percent owned
\nby PT Krakatau Steel, 7.39 percent owned by PT Steady Safe, 6.6
\npercent owned by Steady Safe Finance BV, 2.43 percent by PT Citra
\nLamtorogung Persada, and 0.4 percent by a cooperative. The
\nremainder of the CMNP shares (39.58 percent) are owned by the
\npublic.<\/p>\n
The special audit on Jasa Marga was conducted by Hadi Susanto
\n& Partners, a member of PricewaterhouseCoopers, on behalf of the
\ngovernment for the period between 1995 and 1999.<\/p>\n
Besides Jasa Marga, independent audits were also conducted on
\nfour other state-owned companies as part of an agreement between
\nthe government and the International Monetary Fund. The audit
\nresults were made public last week.<\/p>\n
The other companies audited were PT Pelabuhan Indonesia II, PT
\nPerkebunan Nusantara IV, PT Garuda Indonesia, and PT Telkom.<\/p>\n
The auditors found efficiency losses totaling Rp 8.5 trillion
\nand $1.62 billion, potential losses of Rp 7.35 trillion and $698
\nmillion, and savings or profit losses of Rp 776.02 billion, Rp
\n64.7 billion a year and $147 million.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/unfair-revenue-split-causes-losses-to-jasa-marga-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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