CMNP demands explanation from IBRA on JORR project
CMNP demands explanation from IBRA on JORR project
JAKARTA (JP): Publicly listed toll road operator PT Citra
Marga Nusaphala Persada said it was demanding an explanation from
the Indonesian Bank Restructuring Agency (IBRA) on the agency's
refusal to allow it to participate in the upcoming tender for the
Jakarta Outer Ring Road (JORR) project.
"We want to be sure whether it's true that the company cannot
participate in the tender," CMNP president Deddy Hariadi said on
Tuesday in a news conference.
He said his company had made the request for clarification to
PT Jalantol Lingkarluar Jakarta, which is a joint venture between
the agency and state-owned toll road operator PT Jasa Marga.
Jalantol took over the undertaking and sought investors
capable of resuming the project, which has been suspended since
1998.
The project aims at easing traffic congestion in Jakarta by
linking all outlying areas of the capital with a 69.3 kilometer
road.
It was originally constructed by PT Citra Bhakti Margatama
Persada, PT Citra Mataram Satriamarga Persada and PT Marga
Nurindo Bhakti, under a build-operate-transfer scheme with Jasa
Marga.
But loans worth Rp 1 trillion (about US$89 million) from local
banks to finance the project turned sour after the economic
crisis in 1997 forced the government to suspend the project.
It fell into IBRA's hands when the agency took over the bad
loans from local banks.
IBRA plans to open the tender for the project in July, and
several foreign investors have reportedly lined up.
It denied Citra Marga Nusaphala Persada's participation, as
the company is linked to former president Soeharto's daughter
Siti Hardiyanti Rukmana, to whom the three previous constructors
had belonged.
IBRA's regulation also prevents companies or individuals with
bad loans under the agency from participating in its asset sales.
Minister of Settlement and Regional Infrastructure Erna
Witoelar has also said Citra Marga Nusapahala Persada's presence
in the upcoming tender would only spur controversy.
However, Deddy questioned the policy. He said Rukmana's stake
in the company through PT Citra Lamtoro Gung Persada was
insignificant.
Rukmana, through her company PT Citra Lamtoro Gung Persada,
owns a 2.43 percent stake in Citra Marga Nusaphala Persada, with
the majority of 39.58 percent belonging to the investing public.
"So it is totally irrelevant to tie up the tender process with
the ownership of Siti Hardiyanti Indra Rukmana. We are a publicly
listed company, and we are ready to join the JORR tender," he
argued. (bkm)