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It will be removed from the blacklist, Waskita Karya can participate in the offer again

by Chief editor of world-today-news.com August 5, 2024

written by Chief editor of world-today-news.com

Jakarta –

The Panel of Judges has allowed the petition of the complaint, in this case Waskita Karya, regarding the postponement of the implementation of state administrative decisions. Among them, the Order of the Budget User Authority of the General Directorate of New Energy, Renewable Energy and Energy Conservation, Ministry of Energy and Mineral Resources No. 72.K/KU.01/KPA/2024 regarding the List Sanctions Decision Black on 28 May 2024.

With this decision, the name PT Waskita Karya (Persero) Tbk will be removed from the blacklist of the Ministry of Energy and Mineral Resources (ESDM).

“The Panel of Judges decided to display the blacklist sanctions of PT Waskita Karya (Persero) Tbk to remove them from the National Blacklist on the page www.Inaproc.id,” said a lawyer Waskita Karya Hendi Gandasmiri in his statement, which was announced on Monday 5/8/2024).

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He said that the decision on the application for cancellation was valid throughout the trial process until the decision in this case received permanent legal force. The Panel of Judges, he continued, ordered the Registrar to also deliver an official copy of this decision to the parties in the case, so that it can be properly implemented.

Through this decision, Waskita Karya can participate in the offer again.

“With the decision as expected, it will have a positive impact on Waskita Karya’s operations and financial position, so that the company can once again participate in the tender process for all government projects in the use of APBN or APBD funds as well as private projects,” said Hendi.

At the same time, the Corporate Secretary of Waskita Karya, Ermy Puspa Yunita, explained that the company is currently focused on working on 12 Indonesian capital projects (IKN). Two of them have even been completed, namely Multi-Utility Tunnel (MUT) 01 or underground multi-utility tunnel and Sepaku Ring Road Ring Section 4 with a length of 4.45 Kilometers (Km).

The construction of two other IKN projects is almost complete, with completion above 90 percent. These projects are the Presidential Secretariat building and Coordination Ministry 4. Both projects are targeted to be completed next October.

“The company continues to build the IKN project until it is completed on time,” he said in an official statement.

(ncm/ea)

2024-08-05 12:22:43
#removed #blacklist #Waskita #Karya #participate #offer

August 5, 2024 0 comments

Business

Its shares are threatened with being expelled from the stock exchange, Waskita opens its voice

by Chief editor of world-today-news.com November 23, 2023

written by Chief editor of world-today-news.com

Jakarta –

PT Waskita Karya (Persero) Tbk has opened its voice regarding the announcement of potential share delisting made by the Indonesian Stock Exchange (BEI). Waskita considers it natural that the announcement was made by the IDX.

Waskita stated that issuers who have been suspended for 6 months will usually receive an announcement of potential delisting. To date, Waskita’s shares have undergone a stock suspension for 6 months, starting in May 2023 due to the postponement of interest and principal payments on several bonds issued by the company.

“We convey that the announcement of the potential delisting is part of the IDX regulations where every issuer that has undergone share suspension for more than 6 months will receive an announcement of the potential delisting,” wrote Waskita in his statement, Thursday (23/11/2023).

Even so, this does not mean that Waskita’s shares will be delisted right now. According to information submitted by BEI to Waskita, if the share suspension lasts at least 24 months from the time the suspension is announced, then there is the potential for shares to be delisted. Therefore, the delisting of the Company’s shares will occur no sooner than May 2025.

“For this reason, the company is optimistic that it can complete the MRA review and obtain approval from banking creditors and bondholders so that the suspension of the company’s shares can be immediately reopened at the beginning of the first quarter of 2024 next year,” said Waskita in his statement.

Currently the company is in the final stages of the final approval process for the proposed restructuring scheme to banking creditors and bondholders. To date, the majority of banking creditors representing more than 80% of the outstanding debt value have approved the restructuring scheme proposed by the Company.

As part of the restructuring process, the company also continues to hold intensive discussions with all bondholders regarding the restructuring scheme so that it can be immediately approved through the General Meeting of Bondholders (RUPO) mechanism.

Waskita also stated that it had submitted a restructuring plan to all creditors from the beginning of 2023 until now. Approval of Waskita’s restructuring is an important point for Waskita to be able to immediately implement the restructuring scheme, so that the company has the ability to carry out optimal cash flow management to produce a more sustainable operational activity cycle.

This can also help the company to settle its obligations to all creditors, including banks, bond holders and vendors. The restructuring proposal has been prepared taking into account the Company’s long-term financial capabilities.

The restructuring proposal was also prepared by prioritizing the principle of equal treatment for all creditors, bearing in mind that approval for the restructuring is required from all creditors, both banking and bonds.

Waskita emphasized that currently the company has returned to its core business as a pure contractor. Waskita is also becoming more selective in choosing new projects, especially in terms of certainty of payment, there is a down payment and monthly payment scheme and has gone through the Construction Risk Management Committee so that projects obtained by Waskita can run smoothly and be completed on time and have a positive impact on company performance.

“Currently, Waskita is trusted to work on more than 90 ongoing projects spread throughout Indonesia, including 8 IKN projects with NKB up to October amounting to IDR 12 trillion as a new source of EBITDA,” explained Waskita.

(hal/hns)

2023-11-23 13:45:21
#shares #threatened #expelled #stock #exchange #Waskita #opens #voice

November 23, 2023 0 comments

Business

PT Waskita Karya (Persero) Tbk Receives Court Summons for Bankruptcy Lawsuit: Details and Updates

by Chief editor of world-today-news.com September 2, 2023

written by Chief editor of world-today-news.com

Jakarta –

PT Waskita Karya (Persero) Tbk received another court summons for a bankruptcy lawsuit, aka postponement of debt payment obligations (PKPU), which came from five creditors. This letter was received by the Company on August 28, 2023.

As quoted from the IDX’s Disclosure of Information, Friday (1/9/2023), these five creditors submitted PKPU applications in the same case number so that a total of three summons for trial for the three cases the Company received.

The five companies asked for debt repayments with different nominal amounts. When accumulated, through the three PKPU submissions, a total of around IDR 27.019 billion was billed for Waskita to pay off by five related creditors.

The first lawsuit was filed by PT Mata Langit Nusantara and CV Anugerah Pertiwi with case number 262/Pdt.SusPKPU/2023/PN.Niaga.Jkt.Pst. PT Mata Langit Nusantara asked to repay a debt of Rp. 323 million, while CV Anugerah Pertiwi amounted to Rp. 1.09 billion.

“For the subcontractor’s work on the Company’s project,” said the statement in the PKPU Lawsuit Lawsuit Information or Material Facts Report document against Waskita.

Furthermore, a second lawsuit was filed by PT Asri Kemasindo requesting repayment of a debt of Rp 24 billion for subcontractor work on the Company’s project. This lawsuit was filed under case number 263/Pdt.SusPKPU/2023/PN.Niaga.Jkt.Pst.

Then the final lawsuit was filed by PT Wahyu Graha Persada asking for payment of Rp. 930 million in debt and CV Ferry Pratama Tunggal asking for repayment of Rp. 676 million in debt for subcontractor work on the Company’s projects. This lawsuit was filed with case number 264/Pdt.SusPKPU/2023/PN.Niaga.Jkt.Pst.

Responding to this lawsuit, Waskita Karya Corporate Secretary Ermy Puspa Yunita said that his party acknowledged that they had received summons for trial on August 28, 2023 for the three PKPU lawsuits. It is planned that the trial will be held on September 5, 2023 next week.

Waskita emphasized that this condition would not have a significant impact on the Company’s business activities, both operationally and financially. His party is also committed to improving performance and focusing on completing ongoing projects and improving company systems to achieve maximum operational performance and increase business financial capacity as a step towards business transformation.

“The Company’s management is committed to always being guided by the principles of Good Corporate Governance (GCG) and complying with and following all legal processes in accordance with applicable laws and regulations in good faith,” said Waskita Karya Corporate Secretary Ermy Puspa Yunita in a written statement, quoted Friday ( 1/9/2023).

Regarding the settlement of its current financial condition, Ermy said that his party was still continuing the debt restructuring process for banking and bond creditors. The company proposes to postpone payment of obligations to bank creditors and bonds or standstills.

“The postponement of payment of this obligation is necessary to maintain the Company’s liquidity, bearing in mind that the cash that can be freely used by the Company is very limited,” he said.

As additional information, quoted from the Case Tracing Information System (SIPP) of the Central Jakarta District Court, Waskita not only received three new applicants, but seven new PKPU applicants filed since August 25. However, until now, the details of the case have not been made public.

They are PT Mata Langit Nusantara together with CV Anugerah Pertiwi, PT Asri Kemasindo, and PT Wahyu Graha Persada along with CV Ferry Pratama Tunggal, PT Bumi Graha Persada, PT Bumi Nadi Makmur, and PT Taraindo Energi Perkasa. An application was also filed by PT Bukaka Teknik Utama Tbk. Previously, the company owned by the family of former 10th Vice President Jusuf Kalla had filed a similar lawsuit on March 17.

On the other hand, Waskita himself was recently declared to have passed the PKPU application by the Panel of Judges at the Central Jakarta District Court. This case was filed by Donny Hartarto Lasmana, who is one of the holders of the 2018 Phase II Sustainable Bonds III. Waskita Karya is said to have owed Rp. 5 billion to Donny.

(shc/kil)

2023-09-01 12:30:08
#Waskita #Received #Summons #Creditors #Asked #Pay #Billion #Debt

September 2, 2023 0 comments

Business

Ministry of Finance Cancels Rp 3 Trillion State Capital for Waskita Karya Due to Financial Problems

by Chief editor of world-today-news.com August 11, 2023

written by Chief editor of world-today-news.com

CNN Indonesia

Friday, 11 Aug 2023 20:45 WIB

The Ministry of Finance said that the Rp 3 trillion state capital was canceled to be given to Waskita Karya due to financial conditions, the BUMN shares were experiencing problems. (iStockphoto/izusek).

Jakarta, CNN Indonesia —

Ministry of Finance (Ministry of Finance) explained the cancellation case participation of national capital (PMN) IDR 3 trillion to PT Waskita Karya (Persero) Tbk.

Director of State Assets Separated Directorate General of State Assets (DJKN) Ministry of Finance Meirijal Nur said that actually Rp. 3 trillion in disbursement had been determined in the 2022 State Revenue and Expenditure Budget (APBN). However, in the process Waskita experienced financial restructuring and a lack of liquidity.

On the other hand, there are problems in the process rights issue shares of the issuer coded WSKT. Meirijal also mentioned Waskita’s share price which continued to fall, even below its price range rights issue.

It didn’t stop there, the BUMN Karya received a number of lawsuits for Postponement of Debt Payment Obligations (PKPU) from several vendors. These series of factors made the Ministry of Finance feel the need to thoroughly evaluate Waskita’s financial condition.

“With such conditions, potential rights issue not absorbed by the public large enough so that the goal rights issue to obtain working capital from the public portion was not achieved. Finally, it cannot comprehensively improve the company’s performance,” Meirijal said at the KiTA State Budget press conference, Friday (11/8).

“With the country’s financial exposure which is quite heavy, it was decided to postpone it rights issue and there is a plan to return the PMN to the state treasury,” he continued.

In the end, the Privatization Committee decided that the PMN allocation of IDR 3 trillion must be returned by Waskita to the state treasury. Likewise with rights issue which was ultimately not implemented.

Meirijal then answered confusingly about the fate of the country’s money. He admitted that there was indeed talk of transferring assets to PT Hutama Karya (Persero).

“Indeed, there are plans for Hutama Karya to continue and complete several toll roads owned or being worked on by Waskita. However, that is currently under discussion and is being planned. It has not yet been decided which one and how to take over it,” he concluded.

Meanwhile, Minister of State-Owned Enterprises (BUMN) Erick Thohir emphasized that the Rp. 3 trillion would be transferred to Hutama Karya. Later, Hutama Karya will take Waskita’s assets.

He said the BUMN Karya ‘marriage’ process still needed time. Although, Erick emphasized that the BUMN Karya restructuring process had been carried out several years ago.

(skt/agt)

2023-08-11 13:45:01
#Sri #Mulyanis #men #dismantled #state #canceled #Waskitas #investment #IDR #trillion

August 11, 2023 0 comments

Business

PT Waskita Karya and PT Wijaya Karya Under Scrutiny for Allegedly Polished Financial Statements

by Chief editor of world-today-news.com June 7, 2023

written by Chief editor of world-today-news.com

Jakarta –

PT Waskita Karya (Persero) Tbk and PT Wijaya Karya (Persero) Tbk are under scrutiny for allegedly polishing their financial statements. The leaders of the two state-owned enterprises have been summoned by the stock exchange.

PT Indonesia Stock Exchange (IDX) Company Valuation Director I Gede Nyoman Yetna admitted that he had met the directors of the two BUMN works and had received an explanation.

“We’ve done it, we’ve done it hearing, we already did follow up with a request for an explanation. Of course we can’t open it here, because there are still a number of matters whose status is in our process of going to them. Once, we will convey it in written form,” he explained, when met at the IDX Building, South Jakarta, Wednesday (7/6/2023).

In addition, his party is also examining the company’s financial statements which are allegedly polished. However, because it is still in progress, he could not provide details.

“We can’t go into the substance, it’s still in process. once there’s information they need to convey it’s all in website we, what we do, what we emphasizing,” he added.

Then, when asked further whether the two BUMN Karya would be given sanctions, he also could not provide further explanation because the inspection had not been completed.

“It’s still in process, we obtained information by meeting directly with the board of directors, secondly we have sent an inquiry, let them get the opportunity to clarify and then of course we are not just calling the company concerned,” he said.

For information, the Deputy Minister of SOEs Kartika Wirjoatmodjo has just revealed that there are allegations that the financial statements of PT Waskita Karya (Persero) Tbk and PT Wijaya Karya (Persero) Tbk are polished and not in accordance with real conditions.

“Because indeed in some works such as Waskita, like WIKA, the financial reporting also does not match the real conditions. This means that it is reported as if it has been profitable for years, even though cashflowit’s never actually positive,” he explained, some time ago.

“There is indeed an issue in our financial reporting that we are currently investigating, in fact, has the financial reporting been real so far, is it necessary or not restatement,” he continued.

Tiko continued, if there was a criminal element in the financial statements, his party could prosecute the old management who reported the financial statements.

Watch the video: When the Deputy Minister of SOEs Opens Waskita-WIKA’s Financial Report, it doesn’t match reality

(eng/eng)

2023-06-07 05:20:29
#IDX #Calls #WaskitaWIKA #Boss #Alleged #Polishing #Financial #Statements #Results

June 7, 2023 0 comments

Business

BUMN Financial Reports Allegedly Polished, Says Deputy Minister

by Chief editor of world-today-news.com June 7, 2023

written by Chief editor of world-today-news.com

Jakarta –

Performance BUMN works back into the spotlight. There are allegations that the financial reports of several state-owned enterprises, namely PT Waskita Karya (Persero) Tbk and PT Wijaya Karya (Persero) Tbk, have been polished.

Deputy Minister of BUMN Kartika Wirjoatmodjo said that there are three big issues in BUMN Karya. He mentioned, first, from the market side where competition is very tight.

“Almost all of these work projects, almost all of them have very small margins, margins are only 2-3% and many projects have even lost money in EPC so they have been playing cashflow all this time,” said Tiko in a working meeting with Commission VI, Monday (5 /6/2023) ago.

Second, regarding financial governance. Tiko said that in several BUMN Karya, such as Waskita Karya and Wijaya Karya, the financial reporting did not match the real conditions.

“Because indeed in some works such as Waskita, like Wika, the financial reporting also does not match the real conditions. This means that it is reported as if it has been profitable for years, even though the cash flow has never actually been positive,” he explained.

“There is indeed an issue in our financial reporting that we are currently investigating, in fact, has the financial reporting been real so far, or maybe a restatement is needed,” he continued.

Tiko continued, if there was a criminal element in the financial statements, his party could prosecute the old management who reported the financial statements.

“If there is fraud from the financial reporting side, we can take firm action within the existing governance framework,” he said.

Third, managerial governance. He acknowledged that the fundamental weakness of state-owned enterprises is that they do not implement an Enterprise Resource Planning (ERP) system.

“So eventually subcontract papers can appear, a piece of paper used to withdraw bank funds. Even though the project doesn’t actually exist,” he said.

The state-owned company that Tiko alluded to also opened its voice. Wijaya Karya Corporate Secretary, Mahendra Vijaya said, WIKA always refers to the applicable laws and regulations in the preparation of financial reports.

“We can also add, in terms of preparing financial statements, the company always refers to the applicable laws and regulations and makes full efforts to comply with the accounting principles that apply in Indonesia,” he said in a written statement.

Mahendra added that the company is always audited by a public accounting firm as an independent auditor. His party is now submitting this matter to the Ministry of SOEs as WIKA’s series A shareholder.

“And every financial report of the company is audited by a Public Accounting Firm as an Independent Auditor,” he continued.

The same thing was conveyed by SVP Corporate Secretary Waskita Karya Ermy Puspa Yunita. He said Waskita’s management fully handed over this authority to the Ministry of BUMN as Waskita’s series A shareholder.

“WSKT management fully supports the steps taken by the Ministry of SOEs to improve WSKT conditions for the better,” he said.

He explained, in terms of issuing financial reports, Waskita as a public company always refers to the applicable laws and regulations and has followed the regulations of the capital market supervisor and the Financial Services Authority (OJK).

“Before issuing financial reports, the company has also carried out several stages and also an audit process by a public accountant registered with the OJK as an independent auditor to fulfill obligations according to OJK regulations,” he explained.

(acd/the)

2023-06-06 23:45:08
#WaskitaWIKAs #Confused #Allegation #Polishing #Financial #Statements #Revealed #Deputy #Minister #BUMN

June 7, 2023 0 comments

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