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Bank Mandiri unveiled Wednesday the names of 30 corporate
borrowers with non-performing loans exceeding Rp 1 trillion each,
warning them to show good faith in settling their debts or face
litigation.
Among debtors of the nation's largest bank in terms of assets are
Garuda Mas Group, PT Kiani Kertas, Domba Mas Group, PT Garuda
Indonesia, A Latief Group and Bosowa Group, which is controlled by Aksa
Mahmud, a brother-in-law of Vice President M. Jusuf Kalla.
Bank Mandiri president director Agus Martowardojo said his institution
was prepared to provide assistance, such as softer repayment terms, for
firms who demonstrated a commitment to settle their debts.
"For those who do not, the bank plans to file suit," Agus said.
The debtors account for 60 percent of the bank's non-performing loans
(NPLs), which reached Rp 27 trillion (US$2.8 billion) as of December
2005, or 26.2 percent of its total loans.
The high amount of NPLs contributed to the drop in the bank's net
profit by more than 88 percent in 2005.
Bank Mandiri is now focusing on resolving problematic loans in a bid to
become an anchor bank in 2007 according to the central bank's criteria.
The latter requires anchor banks have an NPL ratio of no more than 5
percent.
The bank's decision to name its major debtors is an unprecedented move
in the usually secretive Indonesian banking industry.
Agus said the disclosure of the names was crucial to allow the bank to
maintain its role as an economic intermediary institution in a healthy
lending sector, and helping accelerate Indonesia's economic growth.
However, Bank Mandiri special asset management director Riswinandi said
not all of those named were entirely uncooperative. Sulfindo, PT Bumi
Acid Jaya, PT APAC and Mahakam Group, for example, recently repaid some
of their debts.
"Some others have shown goodwill in returning their debts, such as
Bosowa Group, which has set up a loan restructuring team for debt
payment," he said, also mentioning Argo Pantes Group.
Riswinandi added that beside announcing the major debtors, the bank
also planned to auction assets provided by delinquent debtors to cut
its NPL ratio. (09)
Bank Mandiri debtors with largest NPLs
- Raja Garuda Mas Group
- PT Kiani Kertas
- Domba Mas Group
- Argo Pantes Group
- Bosowa Group
- PT Garuda Indonesia
- Djajanti Group
- A. Latief Group
- PT Suba Indah Tbk
- PT Flora Sawita Chemindo
- PT Pakerin
- PT Semen Kupang
- PT Benang Sari Indahtexindo
- Batam Textile Industry
- PT Anugrah Lingkar Selatan
- PT Petrowidada
- Batavindo Group
- PT Kalimantan Energi Lestari
- PT Great River International
- PT Perkebunan Nusantara II
- PT Bina Mentari Tunggal
- PT Merpati Nusantara Airlines
- Gunung Meranti Group
- Top Jaya Group
- PT Kertas Kraft Aceh
- PT Bisma Narendra
- PT Sulfindo Adi Usaha
- PT Bumi Acid Jaya
- Mahakam Group
- PT APAC.
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