Whoosh Debt of Rp 5.02 Trillion Unpaid, WIKA: Currently in Mediation

JAKARTA - PT Wijaya Karya Tbk (WIKA) still has a cost overrun of Rp 5.02 trillion related to the unpaid debt from the Whoosh high-speed rail project by PT Kereta Cepat Indonesia China (KCIC). Currently, the resolution of this claim is entering the mediation stage. WIKA’s President Director, Agung Budi Waskito, explained that the amount represents a claim for the project cost overrun. “Following the agreement between WIKA and KCIC, we are undergoing mediation. So, it’s in the mediation process stage. Therefore, the SIAC proceedings are temporarily postponed. As much as possible, between WIKA and KCIC through mediation,” he said after a media visit to the Tol HBR II, Jakarta, on Monday (6/4/2026). Agung revealed that WIKA had previously registered the claim with the Singapore International Arbitration Centre (SIAC) as of 31 December 2024, as recorded in the company’s financial report. According to him, until the process is completed, the burden from the high-speed rail project continues to affect the company. Therefore, WIKA hopes that the mediation will result in an agreement that resolves the payment obligations. Agung stated that the company must incur losses of Rp 1.7 trillion to Rp 1.8 trillion each year related to the project. He explained that this burden relates to financial obligations arising from WIKA’s involvement in the Whoosh project. This situation is seen as part of the challenges faced by the company in maintaining financial performance amid various strategic projects being undertaken. Agung also emphasised that the company continues to take various steps to improve its finances to reduce the pressure from these obligations, in line with the restructuring efforts currently being carried out. With this condition, WIKA continues to bear the annual burden from the Whoosh high-speed rail project while implementing strategies to improve financial performance going forward.