Big debtors submit guarantee to repay: IBRA
Big debtors submit guarantee to repay: IBRA
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
has secured personal guarantees from the country's business
tycoons in case the assets they pledged to repay loans to the
government were not sufficient, said a prominent official at the
agency.
IBRA corporate secretary Christovita Wiloto said on Thursday
the personal guarantees would commit the indebted businessmen to
surrender more assets or additional cash to repay the remaining
loans.
Five business tycoons -- Sudono Salim, Usman Admadjaja,
Mohamad "Bob" Hasan, Samadikun Hartono and Sjamsul Nursalim --
surrendered some 200 companies to IBRA to repay massive liquidity
support injected by the government into their banks last year.
The government nationalized Sudono Salim's Bank Central Asia
and Usman Admadjaja's Bank Danamon last August, but decided to
close down banks owned by the three other business moguls.
IBRA announced on Thursday the establishment of five holding
companies to manage assets pledged by the tycoons.
The five holding companies represent assets of the Salim
group, Sjamsul Nursalim's Gajah Tunggal Group, Usman Admadjaja's
Danamon Group, Bob Hasan's Kiani Group and Samadikun Hartono's
Modern group.
IBRA deputy chairman Farid Harianto said the conglomerates
would continue to own these companies, but IBRA would exercise
shareholders' rights until debts owed to the government were
repaid.
IBRA said the holding companies were set up to improve the
performance of the assets, to facilitate the restructuring of
these companies and to increase their asset value.
IBRA said it would not be actively involved in the companies'
day-to-day operations but would supervise their management.
Farid also said the transfer of the assets would not affect
the daily operations of the companies.
The assets under the holding companies include shares in the
world's biggest instant noodle maker, the largest tire maker in
Southeast Asia, the world's largest integrated shrimp producer
and sophisticated pulp and paper companies.
The following are the five holding companies set up by IBRA.
1. PT Holdiko Perkasa, which holds stakes in 78 companies
surrendered by the Salim group. These include stakes in publicly
listed giant auto company PT Astra International and the major
flagships of the Salim Group, such as non-listed car maker PT
Indomobil Sukses International, listed cement maker PT Indocement
Tunggal Prakasa and the Hong Kong-listed First Pacific Co.
2. PT Bentala Kartika Abadi, which controls assets in 22
companies pledged by Usman Admadjaja.
3. PT Tunas Sepadan Investama, which holds assets in 12
companies pledged by Sjamsul Nursalim to repay liquidity support
extended to its bank, the closed Bank Dagang Nasional Indonesia
(BDNI). It includes stakes in tire maker PT Gajah Tunggal and PT
GT Petrochem Industries.
4. PT Kiani Wirudha, which holds assets in 32 companies pledged
by Bob Hasan, a close associate of former president Soeharto, to
repay liquidity support extended to the closed Bank Umum Nasional
which he partly controlled.
5. PT Cakrawala Gita Pratama, which holds stakes in nine
companies pledged by Samadikun Hartono to repay liquidity support
to the closed Modern Bank.
Christovita said in the case of the Salim Group, IBRA had
received a commitment from the group to provide more assets in
case the 78 companies were not sufficient to repay its 46
trillion debt. (rei)