Kanindo's fate in hands of bank creditors: Mar'ie

Kanindo's fate in hands of bank creditors: Mar'ie

JAKARTA (JP): Minister of Finance Mar'ie Muhammad denied on Saturday all reports that a consortium led by businessman Bambang Trihatmodjo has taken over the debt-ridden textile companies of the Kanindotex Group.

"There have been no developments at all with Kanindotex," Mar'ie told journalists on Saturday.

When asked about possible negotiations between Bambang's consortium and Kanindotex's creditors -- state-owned Bank Bumi Daya (BBD) and Bank Pembangunan Indonesia (Bapindo) -- Mar'ie said curtly, "They are the ones who held the meeting. So, ask them."

Mar'ie said earlier this month that the final decision as to who will take over the textile company is in the hands of the creditors.

The minister, however, added that any investors bidding for the acquisition of the textile companies should use fresh funds and that a significant portion of the companies should be sold to the Federation of Indonesian Batik Cooperatives, which was appointed by the creditors to temporarily manage the Central Java-based companies.

Antara reported that last Friday, businessmen Bambang Yoga Soegama, Johannes Kotjo and Benny Soetrisno -- all of whom are members of Bambang's consortium -- held a meeting with BBD's president, Iwan Ridwan Prawiranata, at the bank's headquarters in Central Jakarta.

A number of journalists, speculating that Bambang and his colleagues and Kanindotex Group's creditors were holding a meeting to sign an agreement on the takeover, had gathered at the office, waiting for the meeting to adjourn. The journalists were left waiting in vain, however, as the participants exited the building through the basement doors.

Meanwhile, Bisnis Indonesia reported on Saturday that BBD and Bapindo have agreed on the consortium's takeover. After the takeover, Kanindotex Group will be 70 percent owned by President Soeharto's son Bambang Trihatmodjo, 10 percent by Bambang Yoga Soegama, the son of a former chief of the national intelligence agency, 10 percent by Johannes Kotjo, a former executive of the Salim Group, and another 10 percent by Wisnu Srihardono.

Robby Tjahjadi and his family, current owners of Kanindotex Group, will not, it reported, have any shares in the group.

The Kanindotex issue erupted last year after a parliamentary investigation, led by the then Golkar legislator Bambang Warih Koesoema, revealed that Robby had failed to honor his debts.

Kanindotex Group, which operates PT Kanindo Prima Perkasa, PT Kanindo Success Textile and PT Kanindo Mulia Utama, has bad debts estimated at around Rp 763 billion (US$3546.8 million) with BBD and Bapindo. (rid)