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)