December 12, 2025 | 04:24 pm
TEMPO.CO, Jakarta - The Supreme Audit Agency (BPK) has released the examination results of the capital injection by PT Wijaya Karya (WIKA) into PT Pilar Sinergi BUMN Indonesia in the investment for Jakarta-Bandung High-Speed Train through the formation of PT KCIC (Kereta Cepat Indonesia Cina).
BPK released that the capital injection was carried out without adequate risk mitigation. PT WIKA serves both as a contractor and investor in the development of the Whoosh high-speed rail.
The high-speed train project caused a cost overrun during its construction phase. Meanwhile, during its operations, the revenue target was not achieved as planned, which caused WIKA to "incur losses of about Rp2.27 trillion," wrote BPK in its report, quoted on Thursday, December 11, 2025.
As of the third quarter of 2024, BPK said PT KCIC always recorded operational losses absorbed by PT WIKA as an investor according to the share ownership of PT WIKA in PT PSBI. "PT PSBI projects that KCJB will continue to post losses for up to five years," said BPK.
According to BPK, this loss impacts PT WIKA's investment balance in PT PSBI, of which Rp4.50 trillion could potentially not be recovered due to absorbing the operational losses of KCJB.
"BPK recommended, among other things, that the Board of Directors of PT WIKA take risk mitigation measures to avoid greater losses," said BPK.
Wijaya Karya. wika.co.id
Previously, President Director of PT Wijaya Karya Agung Budi Waskito explained that WIKA invested about Rp 6.1 trillion in the high-speed train project. WIKA's share ownership in PSBI is about 32 percent.
Agung explained that the Whoosh high-speed train has been experiencing losses since the beginning of its operation. "At every year-end or every three months, we book losses as a result of the high-speed rail," he said during a virtual public expose held on Wednesday, November 12, 2025.
In addition to the loss as a shareholder, Wijaya Karya also bears the burden as a local contractor involved in the initial construction of the high-speed train project.
"So we did incur quite substantial losses from the construction aspect as well. If this dispute is not resolved, we will also suffer quite substantial losses," said Agung, adding that WIKA and KCIC also disputed the claim to project losses.
Danantara is moving to handle the situation, while Wijaya Karya awaits a resolution mechanism, whether from KCIC restructuring or transferring investments into the government.
Ilona Esterina contributed to the writing of this article.
Read: IDX Extends Suspension of WIKA's Stock Trading
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