Pos Indonesia Settles Sukuk Obligations, Public Policy Observer Commends Move
Amid negative reports, PT Pos Indonesia (Persero) has completed its obligation to pay the sixth-period ijarah fee instalment on its Continuous Ijarah Sukuk I Pos Indonesia Phase I 2024 Series A-C, worth Rp 24.118 billion.
The move has drawn appreciation from academia. Dr. Iswadi, M.Pd, an academic and public policy observer, viewed the payment, carried out on 24 July 2026, as a tangible demonstration of PT Pos Indonesia’s commitment as a state-owned enterprise (SOE) to fulfilling its responsibilities to all stakeholders.
He considered the settlement of the obligation to show that PT Pos Indonesia remains firmly consistent in upholding institutional integrity as an SOE entrusted with the nation’s mandate, even though it had faced cash flow dynamics that caused the sixth-period payment to be postponed from its original schedule.
“What matters in this case is how PT Pos Indonesia responded to the challenge in a responsible manner. There were cash flow dynamics that delayed the payment, and that can happen to any large SOE in a dynamic economy. What matters is how the company responded. What we saw is that PT Pos Indonesia took the right path, namely being open with the public and promptly settling its obligation as soon as it was able,” he said on Wednesday (29/7).
He also gave an appreciative note regarding PT Pos Indonesia’s decision to pay not only the principal ijarah obligation but also compensation for losses caused by the payment delay.
According to him, this step demonstrates a fair and fully responsible attitude on the part of the company.
“What I most appreciate is PT Pos Indonesia’s decision to also pay compensation for the delay. This is not an obligation that came without financial consequences for the company, yet it was still carried out promptly. In the study of good corporate governance, it is precisely this attitude that distinguishes institutions that merely comply with the minimum rules from institutions with a genuine awareness of integrity. PT Pos Indonesia chose the latter position, and that deserves recognition,” he explained.
INFORMATION DISCLOSURE
Iswadi also highlighted PT Pos Indonesia’s compliance with the principle of information disclosure as mandated by Financial Services Authority Regulation (POJK) Number 31/POJK.04/2015 concerning Disclosure of Material Information or Facts by Issuers or Public Companies.
According to him, all developments concerning the sukuk payment process were conveyed transparently to the regulator, investors and the public, in accordance with the applicable regulatory framework.
“The principle of information disclosure demonstrated by PT Pos Indonesia is one of the main pillars of good corporate governance. In line with POJK 31 of 2015, every material development must be communicated to the public, and that is what the company did from the beginning until this obligation was settled. The public could follow the process transparently. This is what should become the standard for all SOEs and issuers in the Indonesian capital market,” he said.
In the context of public policy, Iswadi continued, an SOE’s responsibility to holders of financial instruments such as sukuk carries a broader dimension than mere fulfilment of a financial obligation. Every SOE decision in settling its obligations carries implications for public trust in state institutions in general.
THE FACE OF THE STATE
In his view, SOEs are the face of the state in the economic sphere. When an SOE meets its obligations in a responsible and transparent manner, accompanied by compensation when there is a delay, it is a message that strengthens public trust in the integrity of state institutions. Sukuk holders receive their rights, the public receives accurate information, and the Indonesian capital market receives the signal that the rules of the game are taken seriously. All parties benefit.
This event, he asserted, is also an important momentum for PT Pos Indonesia to continue strengthening its corporate governance, particularly in cash flow planning and communication with stakeholders. The appreciation expressed today is recognition of this responsible attitude, as well as encouragement for the company to continue setting an example as an SOE operating to the highest standards.
“This appreciation is not merely praise, but also encouragement. We are all confident that PT Pos Indonesia can continue to strengthen its cash flow planning systems and serve as an example of an SOE operating with the highest governance standards. PT Pos Indonesia’s long history as the nation’s oldest SOE is an invaluable asset. For me, what has been shown today is part of the company’s effort to safeguard that asset of trust, and it deserves our collective support,” Iswadi concluded.