Forestry firm owes Rp 350b
Forestry firm owes Rp 350b
JAKARTA (JP): A central bank official revealed yesterday that the troubled Dayak Besar Group, currently facing sanctions by the Ministry of Forestry, is in arrears on loans totaling Rp 350 billion (US$157.6 million) to a group of private banks.
"No subsidiaries of Dayak Besar owed any money to state-owned banks. All I know is that all of their loans are made with Jakarta-based private banks," Aris Anwari, chairman of the branch office of Bank Indonesia (the central bank) in Samarinda, East Kalimantan, was quoted by Antara as saying.
Anwari said that Dayak Besar's outstanding debts reach Rp 350 billion.
He did not identify the names of the private banks which extended the credit to the diversified group of companies.
No executives of the firm, which is partially controlled by businessman Yusuf Hamka, were available for comment when contacted yesterday.
Press reports last week said the plywood mill owned by two subsidiaries of the Dayak Besar Group, PT Dayak Vincent Timber Co. and PT Gelora Dayak Besar, had dismissed 2,400 workers without prior warning.
Minister of Forestry Djamaludin Suryohadikusumo said last week that the government was considering the takeover of the two firms' managements and instituting ownership by a third party due to their heavy debts and poor records in forestry management.
Djamaludin has issued orders which deny the two Dayak Besar firms the necessary permits to transport logs and sawn timber from their concession areas totaling 170,000 hectares.
The minister also threatened to take more "harsh actions" against both Dayak Vincent and Gelora Dayak Besar.
Djamaludin, however, said that he would be willing to allow the two companies to regain the transport permits if they let forestry officials post-audit their operations.
In 1993, the Ministry of Forestry revoked the licenses of two forest concessionaires and refused the extension of concession rights over four forest areas previously controlled by the Dayak Besar Group. (hdj)