Tunky studying possible US$27m loss by PT Dok

JAKARTA (JP): Minister of Industry Tunky Ariwibowo disclosed yesterday that he was scrutinizing the Supreme Audit Agency's report on the possible losses of Rp 61.5 billion (US$27 million) by state shipbuilder PT Dok & Perkapalan Kodja Bahari.

Tunky acknowledged the House's Budgetary Commission in a hearing here that the company might lose money from miscalculations in contracts to build vessels for foreign companies and its failure to collect tax payment from its contractors.

"But the losses are likely not to reach that much," he said.

Legislators raised questions on the possible losses of Rp 59.6 million from Kodja Bahari's contracts with Swedish Redery A.B. Gotland and United Tankers A.B. to build a passenger ship of 6,500 dead weight tons (DWT), a tanker of 16,000 DWT and three other vessels.

They said the losses could be due to a miscalculation of exchange rates and the establishment of certain facilities especially designed to support the vessels' construction.

The Swedish buyers paid for their vessels in Swedish krona, while Kodja Bahari financed its purchases of materials in German marks and U.S. dollars. Furthermore, Kodja Bahari has to pay high interest on its loans used for the construction of the shipbuilding facilities.

Legislators also questioned Kodja Bahari's failure to collect tax payments of about Rp 2 billion from companies supplying goods and services for it.

Koja Bahari is a merger between three state-owned shipyards, PT Dok & Perkapalan Tanjung Priok, PT Kodja Indonesia and PT Pelita Bahari. They merged in 1991.

"The definite loss from Kodja Bahari's contract to build vessels and tankers is being calculated and the sales tax payment is still being processed," Tunky told the hearing, which was chaired by I Gde Artjana.

Legislators also asked about improper procedures of the state- owned industrial estate company PT Kawasan Industri Gresik in East Java in awarding a civil works contract and purchasing cars.

According to the audit agency, Kawasan Industri Gresik awarded a contract worth Rp 1.1 billion without tender bidding for road construction and land reclamation. The company also bought two cars and one jeep for the project without any tender. (kod)