Danantara Chief Addresses Whoosh Debt, Mentioning PT Pos and Other SOEs

The Jakarta-Bandung High-Speed Railway (KCJB) project continues to burden shareholders, including PT Kereta Api Indonesia (Persero). The Head of the State-Owned Enterprise Regulatory Agency and COO of BPI Danantara, Dony Ocalria, has requested all parties to remain patient as the resolution of existing debt issues is underway.

According to the interim consolidated financial reports of PT Kereta Api Indonesia (Persero) for the six-month period ending 30 June 2026, PT Pilar Sinergi BUMN Indonesia (PSBI)—the SOE consortium that is a direct shareholder of KCIC—recorded a net loss of Rp5.13 trillion in the first six months of this year alone. This figure exceeds the total loss recorded throughout 2025, which was Rp4.99 trillion, indicating that the rate of loss expansion is accelerating significantly compared to the previous year. As the majority shareholder of PSBI with a 58.53% stake, KAI bears the largest portion of these losses. Specifically, PT KAI (Persero) recorded its share of the PSBI/Whoosh net loss at Rp3 trillion during the first semester of 2026.

“It is important for everyone to understand and look at the broader perspective regarding SOEs. Our new team is essentially working to resolve existing problems,” said Dony, speaking at the Presidential Palace on Friday (31/7/2026).

“These problems existed previously and possess extraordinary dimensions. Naturally, our energy is also limited. We must resolve them one by one; this process is not yet complete,” he added.

He explained that Danantara is also currently managing the financial issues of PT Pos Indonesia (Persero) and PT Adhi Commuter Properti Tbk.

“These are legacies that must be addressed at this time. So, please be patient; we are taking it one step at a time, as I also have limited energy and time. We are tidying things up one by one,” said Dony.

During the session, Dony was unable to disclose the specific debt restructuring scheme for the high-speed railway that the government intends to implement. However, he confirmed that there are plans for the government to take over the mega-project, which was built alongside a consortium from China.

“God willing, it is possible that it will be done through such a pattern (a government takeover) or via a grant. That is why I say we must resolve things one by one,” he said.

“Hopefully, this will be resolved within the next few weeks,” he concluded.