IBRA says it has recovered Rp 2.7t in loans
IBRA says it has recovered Rp 2.7t in loans
JAKARTA (JP): The Indonesian Bank Restructuring Agency (IBRA)
announced on Wednesday that it had recovered some Rp 2.7 trillion
in loans including bad debts owed by debtors of banks which have
been closed down, nationalized banks, and privatized banks.
"By the end of September 1999, IBRA had recovered some Rp 2.7
trillion from a loan collection effort," agency deputy chairman
Eko S. Budianto said in a press release.
The agency controls an estimated of Rp 220 trillion worth of
bad loans handed over by closed banks, nationalized banks and
state banks.
The agency also said that it had struck a Rp 750 billion debt
restructuring deal with several corporate debtors including
Citra Marga Finance BV, PT Daya Manunggal, PT IRC Inoac
Indonesia, PT Jakarta Setiabudi Properti, PT Mega Rubber, Mulia
Garment Group, and PT Puri Bunga Beach Hotel.
"We have also reached a significant development in the
restructuring of PT Chandra Asri. In the near future, we expect
the audit on Chandra Asri could provide a description of its debt
capacity so that we could have a starting point to decide on the
best restructuring alternative," IBRA said.
IBRA also announced that it has managed to sell PT Standard
Toyo Polimer for US$15.1 million.
The agency had previously sold PT Pacific Indomas Plastic
Indonesia for $4.2 million to Dow Chemical, PT Indo Amerika
Keramik for $5.8 million to American Ceramics, shares in PT
Indofood worth Rp 365 billion through the Jakarta Stock Exchange
and a private jet plane owned by former bank owner Mohamad Bob
Hasan for $3.1 million.
The various fixed assets were handed over to IBRA by former
bank owners to repay their debts to the government.
The agency is in control some Rp 600 trillion worth of assets
including bad debts, investment in privatized banks and fixed
assets.
The agency has a mission to raise funds from the selling and
divestment of the assets along with loan recovery to help finance
the country's Rp 550 trillion bank restructuring cost.
The agency's target is to raise Rp 17 trillion in the current
1999/2000 fiscal year.
IBRA reiterated that the target could be achieved only if the
domestic political situation improves after the presidential
election on October 20. (rei)