THE case of bad debt experienced by a state-owned company under the Ministry of Finance, PT Lembaga Pembiayaan Ekspor Indonesia (LPEI) or Indonesia Eximbank, proves that, in addition to the quality of supervision which is still problematic, it is also necessary to prioritize the integration of state-owned company management under one door.
Moreover, following LPEI recorded gross non-performing loans reaching 43.5% or IDR 32.1 trillion from the disbursed loans of IDR 73.8 trillion, the Ministry of Finance (Kemenkeu) instead proposed state capital participation (PMN) of IDR 10 trillion for the problematic LPEI.
This was revealed when the Director General of State Assets of the Ministry of Finance, Rionald Silaban at the Ministry of Finance’s Working Meeting with Commission XI of the Indonesian House of Representatives, Central Jakarta, Monday (1/7) asked for capital injection to finance special export assignments (PKE) to LPEI for an increase in the capacity of 8 PKEs and also the addition of 4 new PKEs.
University of Indonesia Economic Observer, Toto Pranoto, assessed that the existence of BUMN which is still in the Technical Ministry shows something anomalous.
“Moreover, the formation of BUMN under the Ministry of Finance, such as PT SMI or PT PII, was made when there was already an institution of the Ministry of BUMN. Is there a special reason like that?” said Toto in his statement, Wednesday (3/7)
He assessed that there is a possibility that the Ministry of Finance wants to focus and control the new BUMN engaged in the financial sector under its control. “Because in reality the Ministry of Finance is the shareholder of BUMN, while KBUMN is the power of the BUMN shareholder, which also means as a party mandated by law to represent the Ministry of Finance in managing BUMN.”
Also read: LPEI Proposes Additional PMN of IDR 10 Trillion to Strengthen Exports
Reflecting on the bad credit case at PT LPEI, Toto considered it no different from other fraud cases that had hit several BUMN. “This shows that the quality of supervision is still problematic. This means that the supervisory board representing the owner, namely the Ministry of Finance, is also considered less competent in working,” he added.
On that basis, Toto emphasized that the integration of BUMN management under one roof must be a priority that must be carried out.
“There are many benefits. First, coordination to obtain optimal synergy to be run better. Second, the pattern of BUMN coaching and supervision can be in one SOP so that performance assessment and monitoring can be better managed,” he explained. (P-5)
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