Danantara Financial Reports Await Release Following Completion of SOE General Meetings
The financial performance reports of the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) for its first year of operation have piqued public interest, as they have yet to be released. Dony Oskaria, the Chief Operating Officer (COO) of Danantara, revealed that the agency will publish its financial statements once the General Meetings of Shareholders (RUPS) for all State-Owned Enterprises (SOEs) are completed at the end of June.
“Everything will be finished by the end of June. All SOEs,” said Dony, who also serves as the Head of the State-Owned Enterprise Regulatory Agency (BP BUMN), following a working meeting with Commission VI of the Indonesian House of Representatives (DPR RI) in the Senayan Parliament Complex, Jakarta. Dony explained that Danantara’s financial reports are a consolidation of the financial statements from all SOEs.
He noted that Danantara is currently organising the SOEs one by one, as several companies have yet to hold their General Meetings. “Their RUPS are not yet complete. For example, Telkom only held theirs today, while PLN has not yet,” Dony stated. Consequently, he assured the public that the delay in releasing Danantara’s financial reports is due to the ongoing finalisation of the bookkeeping for all SOEs, rather than a lack of transparency.
“This includes the asset impairments that we are currently working on. Only after that will Danantara’s bookkeeping be finalised,” Dony added. He guaranteed that Danantara would remain transparent and would undertake a massive overhaul of the governance and transparency of financial reporting for all state-owned companies.
In a separate statement, Dony emphasised that a total transformation within the SOE sector is essential to ensure that the management of state assets becomes more transparent and accountable. He argued that the root cause of existing financial burdens stems from poor governance. Dony further disclosed that the chaos in SOE financial reporting is often triggered by manipulation or financial engineering intended to polish surface-level performance. As a result, both the state and the companies have had to bear significant losses due to management negligence or illegal activities. Given the massive scale of these issues, the management of Danantara and BP BUMN has opted for a measured approach, ensuring Danantara’s financial reports are only completed once all problematic financial items within the SOEs have been rectified and objectively recalculated.