Equity Participation Claim on Others in Foreign Currency
BANK INDONESIA
Notes to Financial Statements As at December 31, 2008
30 b. In order to comply with Act of the Republic of Indonesia Number 23 of 1999
concerning Bank Indonesia as amended by Act of the Republic of Indonesia Number 3 of 2004, Bank Indonesia has performed several efforts to divest all equity
participation in banks and financial institutions that had been acquired before the enactment of the regulation.
The progress of the divestment up to December 31, 2008 is as follows: 1 N.V. De Indonesische Overzeese Bank Indover Bank
The divestment process of Indover Bank to one of Indonesia’s State-Owned Banks could not be continued because the bank resigned as preferred bidder of
Indover Bank in September 2008. This resignation was caused by the global financial market turbulence. On the other hand, the financial market turbulence
has also caused the freezing of Indover Bank’s operational activities by the Netherland courts on October 6, 2008, which led to Indover Bank being declared
bankrupt by the Netherland courts on December 1, 2008. The settlement of Indover Bank will be done by a trustee appointed by the Amsterdam courts
press release Stibbe dated December 1, 2008. The equity participation in Indover bank as at December 31, 2008 was zero, because Indover Bank’s equity
had a negative balance. For the explanation of Bank Indonesia’s placement of funds in Indover Bank and the liquidation process of Indover Bank please see
Note C.13 – Other Assets and Note D.3 – Commitments and Contingencies.
2 PT Asuransi Kredit Indonesia Askrindo Bank Indonesia’s equity participation in Askrindo has decreased from 55.00 in
2007 to 17.60 in 2008, due to the addition of the Government’s equity participation Penyertaan Modal Negara – PMN in Askrindo amounted to
IDR850,000 million. With this PMN, the paid-in capital has increased to IDR1,250,000 million, with the composition as follows:
- Government c.q. Ministry of Finance
IDR1,030,000 million 82.40 - Bank Indonesia
IDR220,000 million 17.60 3 PT. Bahana Pembinaan Usaha Indonesia BPUI
The beginning balance of Bank Indonesia’s equity participation in BPUI amounted to IDR18,500 million with total ownership of 82.22. The value of
Bank Indonesia’s equity participation as at December 31, 2008 was zero because BPUI has negative equity value.
Concerning AIA’s option towards 40 ownership of BPUI, Bank Indonesia has negotiated with PT. AIA to return the funds to PT. AIA by requesting a meeting
with PT AIA through the mass media 3 times with no response. Bank Indonesia has taken legal action by filing a lawsuit against AIA and is now in court.
In performing the divestment of Indover Bank, PT. Askrindo and BPUI, Bank Indonesia remains in line with Act of the Republic of Indonesia Number 23 of 1999
concerning Bank Indonesia as amended by Act of the Republic of Indonesia Number 3 of 2004, which stipulates that the divestment must be accomplished at the latest
by early 2009.
BANK INDONESIA
Notes to Financial Statements As at December 31, 2008
31 The divestment of Bank Indonesia’s equity participation in PT Askrindo and BPUI will
be performed in accordance with the Agreement between Bank Indonesia, the Ministry of Finance, and the Ministry of State-Owned Enterprises dated September
24, 2008.