Bahlil Disappointed IBC Cancels Acquisition of German Electric Vehicle Company

IBC’s proposed acquisition of StreetScooter accused of potential mark-up

REPUBLIKA.CO.ID, JAKARTA —Indonesia Battery Corporation (IBC) has missed an opportunity to acquire a manufacturer electric vehicle from Germany, StreetScooter. This was conveyed directly by the Minister of Investment/Head of the Investment Coordinating Board (BKPM), Bahlil Lahadalia.

“The (acquisition) option is no longer given to us, dear,” said Bahlil, when met by reporters after a press conference in Jakarta, Friday (7/1/2022).

According to Bahlil, the subsidiary of Deutsche Post DHL Group has now been acquired by a Singaporean SOE. Bahlil regrets IBC canceled having a StreetScooter which he considered a good and healthy company.

Bahlil also admitted that he was disappointed because the planned acquisition of StreetScooter was accused of having potentiali mark up or budget overruns. In fact, according to Bahlil, the acquisition process so far has been transparent. “He said this was a loss investment, just not working yet, what do you want to be suspicious about,” said Bahlil.

Previously, IBC was planning to buy a subsidiary of Deutsche Post DHL Group in November 2021 through a subsidiary of Pertamina Group. However, the plan was rejected by Basuki Tjahaja Purnama as the President Commissioner of PT Pertamina.

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