25 July 2018

Sjamsul Nursalim Party Unveils BDNI's BLBI Settlement Process

Sjamsul Nursalim's lawyer, Otto Hasibuan, asked the government to explain Bank Dagang Nasional Indonesia (BDNI) debt relief related to Bank Indonesia Liquidity Assistance (BLBI) to the Corruption Eradication Commission (KPK). Otto said that Sjamsul had settled BDNI's debt through the Master Settlement and Acquisition Agreement (MSAA) scheme in 1998.

"The government must dare to give information to the KPK about what really happened," said Otto at Le Meridien Hotel, Jakarta, Wednesday (25/7).

Otto explained that this case started when BDNI obtained BLBI fund from Bank Indonesia (BI) due to the monetary crisis in 1997-1998. At that time, people panicked and withdrew massive funds so that banks had liquidity difficulties.

Release and Discharge Process
Through the Indonesian Bank Restructuring Agency (IBRA), BDNI was designated as a Take Over Bank (BTO) which obtained BLBI funds amounting to Rp 25.9 trillion. This is stated in the Letter of the Chairman of IBRA Number 3 / BPPN / 1998 on 4 April 1998.

On August 21, 1998, IBRA subsequently established BDNI as a Frozen Operations Bank (BBO). With the status of the BBO, the amount of BLBI BDNI that BI transferred to IBRA on January 29, 1999 amounted to Rp 37.039 trillion.
Along the way, IBRAís calculation found a BLBI debt must be paid by BDNI was worth Rp 28.4 trillion. As a result, BDNI was required to comply with the Settlement of Shareholder Obligations (PKPS) through the MSAA scheme on 21 September 1998.

Under the scheme, Sjamsul paid Rp 1 trillion in cash and handed over Rp 27.495 trillion of assets to the company set up by IBRA, PT Tunas Sepadan Investama.
In order to fulfill the content of the MSAA, PT Gajah Tunggal Tbk's boss handed over and presented BDNI's receivable assets to Dipasena Citra Darmadja's plasma farmers (PT DCD) and PT Wachyuni Mandira (PT WM) to BPPN's valuation team of Rp 4.8 trillion.

This is evidenced by the existence of two letters of Release and Discharge signed by the Minister of Finance Bambang Subianto and Chairman of IBRA Syafruddin Arsyad Temenggung (Should be IBRA Deputy Chairman Farid Harianto) on May 25, 1998. In addition, there is a notarial deed between Sjamsul and Syafruddin to strengthen the two letters.

"So once there it's done," Otto said.
It's just that during the reign of the third President of RI BJ Habibie in 1999, IBRA concluded that the farmers' loans were classified as stuck. On that basis, IBRA on November 1, 1999 requested that Sjamsul undertake an increase in assets to replace IBRA losses of Rp 4.8 trillion.

Sjamsul refused to add assets because the farmers' debts were considered not part of BDNI shareholder payment obligations. Therefore, the debt of farmers was a credit that is part of government programs in order to empower the plasma farmers.

In addition, the debt of the farmers was the right to collect by BDNI, which had been taken over by IBRA when it became a BTO. This is as stated in the BPK investigation audit in 2002.

The BPK audit in 2002 was then brought to the MPR and published in MPR Decree Number VI / MPR / 2002. After that, the government issued Presidential Instruction (Inpres) Number 8 of 2002 which provided legal certainty for debtors who had implemented the obligation to repay the BLBI funds.

On December 17, 2002, a financial due diligence by Ernst & Young related to BDNIís debt was reinstated. Otto claims that the Ernst & Young's audit result states that BDNI hasdpaid off its BLBI debts. In fact, there is an overpayment by Sjamsul of US$ 1.3 million.

Otto said that with Presidential Instruction No. 8 of 2002 and the FDD audit results of Ernst & Young, IBRA issued SKL-SKL-22 / PKPS-BPPN / 0404 Certificate of Lunas (SKL) on April 26, 2004.

"Though there is no need for a SKL, because there is a letter Release & Discharge, but maybe the atmosphere at that time let SKL issuance make it more definite," he said.

Otto said the SKL's feasibility for Sjamsul was strengthened by BPK's investigative audit in 2006 on PKPS Inspection Results. Therefore, it is no longer any obligations for Sjamsul that is currently billed by the government.

Letter to Jokowi
Otto said a letter was sent to President Joko Widodo to explain the matter to the KPK. It's just that the government refused for fear of being seen as intervening in the current legal process.

In fact, Otto said it just wanted to ask for a clarification. "Tell the KPK that the government itself does not have any outstanding bills anymore for Sjamsul Nursalim," he said.

Thus, Otto assesses KPK no longer need to continue the legal process that is now done by KPK. Because, he considers the Commission is part of the government whicht has not questioned the debt Sjamsul.

There is also the issue of the alleged misrepresentation of BDNI assets in the settlement of BLBI by Sjamsul, Otto rate it should be brought in the civil realm. Because, the alleged misrepresentation must be proven first through the court.
In addition, the government had also initially agreed that BLBI problems should be resolved through the PKPS, not criminal proceedings. "Because it applies to the agreement, if there is misrepresentation, take it to court," Otto said.

Otto's description is different from the KPK version which considers Sjamsul not having completed the process of BLBI debt. The former IBRA Chair is the defendant of BLBI corruption amounting to Rp 4.8 trillion together with former Chairman of the Financial Sector Policy Committee (KKSK) Dorodjatun Kuntjoro Jakti, Sjamsul and his wife Itjih S Nursalim, all alleged to have participated in illegal acts.

Syafruddin is alleged to have removed the receivables to BDNI from the plasma farmers secured by PT Dipasena Citra Darmadja (PT DCD) and PT Wachyuni Mandira (PT WM). In addition, he is deemed to have issued the Letter of Compliance with the Obligation of Shareholders to Sjamsul, which has not yet fulfilled his obligations.

"Even though Sjamsul Nursalim has not settled its obligation to errors in displaying BDNI's receivables to farmers to be handed over to IBRA as if it were a good receivable," said KPK Haerudin at the Corruption Court (Corruption) Jakarta, Monday (14/5).