Sucofindo to help Bapindo lessen debt

JAKARTA (JP): State-owned surveying company PT Superintending Company of Indonesia (Sucofindo) agreed yesterday to help state- owned Bank Pembangunan Indonesia (Bapindo) minimize bad credit risk.

Sucofindo's finance and administration director Wahyu Hidayat said his company would provide investment, assets, technique assessment and evaluation on companies requesting Bapindo's loan facilities.

"This agreement is a continuation of the existing cooperation between Sucofindo and Bapindo," Wahyu said after signing the memorandum of understanding (MOU) for the cooperation.

The agreement calls for Sucofindo's cooperation with Bapindo for one year, before and after the bank approves a loan facility.

He said Sucofindo would evaluate the fairness of capital good prices of Bapindo's prospective loan recipient, analyze and study its project plans' budget, planning, production capacity and schedule plan before the loan is agreed on.

Once the loan is given, Sucofindo will evaluate the reliability of the capital goods' price technique, the quality of the project realization and its progress.

Sucofindo would also evaluate other aspects of the company such as its assets and management, he said.

Sucofindo is 95 percent owned by the government and 5 percent by Geneva-based Societe Generale de Surveillance.

Bapindo's director Adry Sujana Prawiro said yesterday the bank chose to cooperate with Sucofindo as it had qualified human resources, sufficient infrastructure and information and database technology needed by the bank.

Bapindo, the state development bank, mostly finances long-term developing projects. (das)