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LPEI Will Request Duniatex To Sell Non-Earning Assets PDF Print E-mail
Written by Maizer   
Tuesday, 30 July 2019

The Indonesian Export Financing Institution (LPEI) or Indonesia Eximbank will summon Duniatex along with the problem of failing to pay global bond coupons. For the default, the LPEI non-performing loan (NPL) ratio rose to 14.52%. "The LPEI NPL ratio was originally 14.46%, as of June 30, 2019 to 14.52%," said Corporate Secretary Emalia Tisnamisastra

 

LPEI will request an explanation from Duniatex on the conditions that have occurred. In addition, LPEI will ask Duniatex to sell non-productive assets to complete its obligations to LPEI. Not only that, LPEI will consolidate with other creditors, especially state banks in the State Bank Association (Himbara). Furthermore, LPEI will appoint a consultant to assist in the rescue effort. Then, LPEI will set a restructuring step after obtaining a recommendation from the consultant.

 

Meanwhile, loans given to Duniatex through syndication and bilateral. Financing was given to PT Delta Dunia Tekstil Rp 1.2 trillion, PT Delta Merlin Textile Clothing Rp 1.5 trillion, PT Delta Merlin Dunia Tekstil Rp 54 billion, and PT Delta Dunia Sandang Tekstil Rp 289 billion. Emalia also ensured that LPEI's liquidity conditions were maintained at a safe level. Such liquidity is in the form of Government Securities (SBN) worth Rp. 15 trillion and committed lines equivalent to Rp. 1.5 trillion.

 

Not Affect the Textile Industry

 

Chairperson of the Indonesian Textile Association (API) Ade Sudrajat assessed the Duniatex problem would not affect the textile industry in obtaining credit. According to him, this did not make banks reluctant to extend loans to textile companies.

 

"There is also no influence (on lending) because it is an individual problem, not a problem (the textile industry) as a whole," he said

 

However, he indicated that there were 41 banks affected by the Duniatex problem. This happened because banks did not carry out the analysis before giving credit. Supposedly, banks also held discussions with the association in considering credit.

 

"Communication with associations because of trading behavior is what we know," he said. He also said that the Duniatex case occurred due to factors within the company, namely the existence of miss management. Ade also appealed to all textile companies to implement a good corporate governance (GCG) system or good corporate governance.

 

 
		
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