Kookmin Sued by Bosowa, Bukopin’s Transformation Goes On

Jakarta, CNBC Indonesia – President Director of PT Bank Bukopin Tbk (BBKP), Rivan Ahmad Purwantono, confirmed that the lawsuit filed by PT Bosowa Corporindo against KB Kookmin Bank, as the company’s controlling shareholder, will not affect the business transformation process that is currently being carried out.

Referring to the Case Management Information System (SIPP) data of the Central Jakarta District Court, the lawsuit was filed by Bosowa whose petitum was addressed to the Financial Services Authority and Kookmin with case number 693 / Pdt.G / 2020 / PN Jkt.Pst.

The lawsuit was filed by Bosowa on Wednesday, November 25, 2020 with the classification of cases of unlawful acts.

“What we need to emphasize is that this lawsuit has been filed by Bosowa to the OJK and Kookmin, currently it is still running in the civil and state administrative court, but has not yet received a decision,” said Rivan, in a virtual press conference, Monday (30/11/2020 ).

Rivan further explained that Kookmin has become the controlling shareholder (PSP) of the company with an ownership of 67% shares, shifting Bosowa’s position.

“In the midst of this lawsuit, it does not change the transformation we are preparing for. This bank still has to provide good service to the community,” he said.

The company believes that the inclusion of KB Kookmin will strengthen the company’s business fundamentals. There are several focuses to be carried out or management transformation in the future, including resolving non-performing loans / NPLs and issues regarding liquidity.

He said, Kookmin’s entry as the new PSP had a positive impact. This can be seen from the capital adequacy ratio (CAR) indicator as of the end of September which increased to 16.34% from 12.59% on an annual basis.

Total equity increased by 17.27% in line with an additional Rp 3.9 trillion in capital from two corporate actions, namely Limited Public Offering V in July 2020 and Capital Increase without Pre-emptive Rights (private placement) on September 2, 2020.

“Kookmin is the controller with 67% ownership, so a new and strong PSP in the industry will also increase public and investor confidence,” he said.

[Gambas:Video CNBC]

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