3 weeks ago
14
October 21, 2024 | 07:25 pm
TEMPO.CO, Jakarta - Former President Joko Widodo has officially dissolved the state-owned company PT Pembangunan Armada Niaga Nasional or PT PANN (Persero). The closure of the company is stipulated in Government Regulation (PP) No. 43/2024, which Jokowi signed on October 17, three days before he left office.
The dissolution of PT PANN, established in 1974, was carried out after various studies and aspects of the company's performance were considered. This is stated in Article 2 of PP No.43/2024, which states that the implementation of the liquidation is carried out with the provisions of laws and regulations for SOEs, companies, and in the field of bankruptcy and suspension of debt payment obligations (PKPU).
The completion of the liquidation of PT PANN has been carried out for a maximum of five years. This means that since the company submitted a restructuring of the Subsidiary Loan Agreement (SLA) debt in 2019, the process of determining the liquidation of the company has been ongoing.
PT PANN was formerly known as PT PANN Multi Finance (Persero), founded in 1974 to serve as a vehicle for organizing national commercial ship investment programs. During its first 20 years of operation, the company purchased eight used merchant vessels from Europe, including one bulk carrier and seven general cargo vessels.
Between 1995 and 2006, the fleet business managed by PT PANN Multi Finance suffered losses due to the inability of four airlines to pay for the lease of 10 Boeing 737-200 aircraft.
Other losses were incurred by PT PANN Multi Finance, which at the time was undertaking the construction of 31 fishing vessels for PT Industri Kapal Indonesia (Persero). The company was only able to complete 14 of these vessels. It was forced to bear the construction cost of Rp120 billion for products that could not be absorbed by the market.
In 2013, PT PANN Multi Finance applied to restructure its business through a spin-off to finance the maritime sector. Subsequently, it changed its name to PT PANN (Persero), which serves as a non-operating parent company holding in the maritime sector.
In 2019, PT PANN applied to the Finance Ministry for the restructuring of SLA's debt. The Minister of Finance approved the settlement of government claims against PT Pengembangan Armada Niaga Nasional (Persero), as provided for in the Minister of Finance Decree No. S-537/MK.05/2019.
In the same year, the company engaged in maritime management also applied for an additional non-cash state capital participation (PMN) from the conversion of SLA debt, as stipulated in Law No. 20 of 2019 on the State Revenue and Expenditure Budget (APBN) for the fiscal year 2020.
Editor’s Choice: ICW Says State Losses during Jokowi Era Reached Rp 290 Trillion
Click here to get the latest news updates from Tempo on Google News
1998 Tragedy Not a Gross Human Rights Violation; Indonesia's New Minister Yusril Ihza Mahendra Says
23 menit lalu
Yusril Ihza Mahendra said that violent incidents in 1998 did not qualify as gross human rights violations. This contradicts the Komnas HAM's report.
Sri Mulyani Returns as Finance Minister in Prabowo's Cabinet
54 menit lalu
Sri Mulyani once held differing views with Prabowo while he was serving as Defense Minister.
Jokowi Entrusts Nation's Dreams to Prabowo Before Returning to Solo
22 jam lalu
Jokowi has entrusted the dreams and aspirations of Indonesia's 280 million people to his successor, Prabowo Subianto.
Prabowo Welcomes Chinese VP, UK Foreign Minister at Palace
23 jam lalu
Indonesian President Prabowo Subianto received nine state guests at the Presidential Palace in Jakarta on Sunday afternoon, October 20.
Prabowo Talks of Leaky Budgets, Collusion in First Presidential Speech
1 hari lalu
Prabowo Subianto highlighted the prevalence of "leaks" in the State Budget in his inaugural address as President of Indonesia on Sunday, October 20.
Prabowo Greets Citizens at HI Roundabout after Being Inaugurated as President
1 hari lalu
State-owned enterprises (SOEs) set up festive stages at various points along the city's main road for Prabowo's inauguration event.
D-1 of Resignation, Jokowi Receives Visit from Chinese Vice President Han Zheng
1 hari lalu
President Jokowi receives a visit from Chinese Vice President Han Zheng at the Merdeka Palace, Jakarta, on Saturday night.
Palace Readies Scenarios for Jokowi's Return to Hometown After Leaving Office
2 hari lalu
The State Secretariat is preparing various scenarios for the return of President Jokowi, whether using commercial flights or land routes.
SAFEnet Highlights Concerns for Prabowo-Gibran Administration on Freedom of Expression
2 hari lalu
SAFEnet mentioned that the incoming administration of Prabowo and Gibran will inherit eight political legacies from Jokowi's term.
Whoosh High-Speed Train: 5.8 Million Tickets Sold in One Year
3 hari lalu
A total of 5.8 million tickets have been sold for the Jakarta-Bandung high-speed train, or Whoosh, since its commercial operation on October 17, 2023.
