Government to Announce Whoosh Rescue Options, Here Are the Leaks
Jakarta, CNBC Indonesia - Chief Operating Officer (COO) of Danantara and Head of the State-Owned Enterprises Regulatory Agency (BP BUMN) Dony Oskaria has spoken out on solutions to resolve the management issues of the Whoosh high-speed train. One of the planned options is the takeover of ownership stakes by the Ministry of Finance.
When asked by reporters, Dony confirmed that one of the planned options is the takeover of PT Kereta Cepat Indonesia China by the Ministry of Finance.
“There are several schemes, of course. I will update later because it’s not final yet; if we update now, it might cause a stir again,” said Dony.
He mentioned options A and B for resolving Whoosh’s financial problems, which are expected to be decided within the next one to two months. However, Finance Minister Purbaya Yudhi Sadewa has not yet been forthcoming about this plan when confirmed by reporters. According to him, a meeting has already been held with Danantara, and it is just awaiting finalisation.
“Who said that?” said Purbaya when confirmed.
“The meeting has been decided and completed; it’s just formalities left, but I can’t announce it yet because I’m not the only one involved. It will be announced later, but it’s already clear what the management will be like,” he added.
In a separate opportunity, Dony also said that the Whoosh issue has been discussed with Finance Minister Purbaya Yudhi Sadewa. The plan is to announce the decision within the next two weeks.
“Next week or in two weeks, we will meet with reporters along with the Finance Minister to convey the resolution of Whoosh that has been finalised. We will convey this, and of course, the President hopes that the management of state-owned enterprises going forward will be even better,” said Dony at the Presidential Palace Complex on Thursday (8/4/2026).
Dony explained that there will be a signing of agreements from all the study results that have been prepared. Although he has not yet revealed what scheme solution has been produced to resolve Whoosh’s debt issues.
Furthermore, Dony explained that although the Ministry of Finance will have an ownership stake in the high-speed train, operations will remain directly under PT KAI. In addition, he has not yet disclosed how much stake the Ministry of Finance will take in the process of resolving the high-speed train debt.
“Well, this will be conveyed later; it won’t be a surprise. The Finance Minister and I will certainly announce this resolution process to the public together,” he explained.
Danantara Boss Speaks Out on WIKA’s Losses Due to High-Speed Train
PT Wijaya Karya Tbk (WIKA) is also said to have suffered losses of Rp 1.7-1.8 trillion per year due to its involvement in the PT Kereta Cepat Indonesia - China project. WIKA is one of the shareholders in PT Pilar Sinergi BUMN Indonesia, which is the Indonesian side’s consortium in the KCIC joint venture company.
WIKA’s stake is 33.36%, the second largest after PT Kereta Api Indonesia (Persero) at 58.53%, PT Perkebunan Nusantara I at 1.03%, and PT Jasa Marga (Persero) at 7.08%. Meanwhile, the shareholder composition of Beijing Yawan HSR Co. Ltd is CREC 42.88%, Sinohydro 30%, CRRC 12%, CRSC 10.12%, and CRIC 5%.
Dony said that WIKA will no longer be involved in the railway project because it does not align with the main business of this red-plate contractor company.
“So they will not be involved in the railway anymore because it is not in line with their business,” said Dony.
Dony explained that detaching WIKA from this project will indeed take time. However, he is committed to resolving all state-owned enterprise issues.