Business Bahana Receives Rp 20 T of PMN, Turns Out...

Bahana Receives Rp 20 T of PMN, Turns Out Part of it is for Jiwasraya

Jakarta, CNBC Indonesia– BUMN Minister Erick Thohir explained the aim of the state capital injection of IDR 20 trillion to PT Bahana Pembimbing Usaha Indonesia (BPUI), the holding company of an insurance company in Indonesia.

Some of the state’s capital participation is in fact related to PT Asuransi Jiwasraya, which is currently in trouble.

Erick explained that as much as Rp. 6 trillion of the investment was allocated to PT Askrindo and PT Jamrindo.

Although Erick did not mention the amount, part of the total PMN of Rp. 20 trillion would be given to Jiwasraya.

“Rp. 20 trillion, one of which is for Jiwasraya,” said Erick after a meeting with the DPR, Thursday (3/9/2020).

Erick explained that the process of settling Jiwasraya’s obligations to customers is currently still being studied. The Ministry of BUMN hopes that customers will not be harmed.

“Of course, if the payment (to the customer) can be completed quickly, the better. But of course the contract and this must all be studied more deeply,” said Erick.

In the book of Financial Notes and the 2021 RAPBN, there are actually instructions regarding the details of a capital injection of IDR 20 trillion to BPUI.

Although he did not mention Jiwasraya at all, it was stated in the financial note that “Business development and strengthening of the holding ecosystem, among others, is done through the establishment and business development of an insurance company engaged in life insurance”.

“This life insurance company will then be developed through the takeover of life insurance policies from similar insurance companies within the restructured SOE ecosystem while still paying attention to the principles of good governance,” wrote the 2021 Financial Note and Draft State Budget.

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