Golden Key Group's firm to be managed by Pusri

Golden Key Group's firm to be managed by Pusri

JAKARTA (JP): The state-run fertilizer company PT Pupuk
Sriwijaya (Pusri) was appointed by the state-owned Bank Dagang
Negara (BDN) to manage chemical company PT Hamparan Rejeki, a
subsidiary of the debt-ridden Golden Key Group, an official says.

Hendrobudiyanto, Bank Indonesia's director for the supervision
of commercial banks, said at a hearing with the House of
Representatives' Commission on trade and finance last week that
the appointment of Pusri was aimed mainly to rescue Hamparan
Rejeki's assets after the Golden Key Group encountered a number
of bad debt problems.

"The construction of the company's chemical plant has been 98
percent finished. And thus, with only a few additions of some
machinery and a little financial support, it can be operated,"
Hendrobudiyanto said at the hearing, which was also attended by
the central bank's governor, J. Soedradjad Djiwandono.

Hendrobudiyanto added that BDN had consent from Hamparan
Rejeki's shareholders to manage the company. "As the bank had no
experience in managing a chemical company, it asked Pusri to
handle it."

Hamparan Rejeki, which was financed with loans from BDN, is
one of the Golden Key's companies located in Cilegon, West Java.
The group's other companies in Cilegon include PT Dinamika Era
Jaya, PT Pusaka Warna and PT Graha Swakarsa Prima.

Hendrobudiyanto said the assets of Dinamika Era Jaya were
merely a number of machines and thus it was not feasible to
continue its operation. Dinamika Era Jaya was financed with loans
from another state bank, Bank Negara Indonesia (BNI).

Rescue

"Although Era Jaya's assets include a number of machines, we
are trying to rescue them. Therefore, we want the company's
shareholders to transfer their authority to BNI," Hendrobudiyanto
said.

He added that Dinamika Era Jaya and Pusaka Warna were funded
by another state bank, Bank Pembangunan Indonesia (Bapindo). The
assets of these two companies were confiscated by the Attorney
General's Office, following the disclosure of a loan scam at
Bapindo involving more than US$430 million in unpaid debts by the
Golden Key Group in mid-1993.

The boss of the Golden Key Group, Eddy Tansil, and a number of
Bapindo's directors were imprisoned after being convicted of
corruption in relation to the loan scandal.

"The assets of Dinamika Era Jaya and Pusaka Warna are under
the custody of the Attorney General's Office. Thus, we can do
nothing with the assets of the two companies," Hendrobudiyanto
said.

The Golden Key Group has two more companies outside Cilegon.
They are PT Glasifindo Indah, financed by BDN and PT Sukma Beta
Sempurna funded by another state bank, Bank Bumi Daya.

Hendrobudiyanto said the shareholders of the last two
companies had transferred the authority to manage the company to
the two bank creditors. (rid)