BataraNews.com-Again, it is wrong to give credit? PT Delta Merlin Dunia Textile, which is the largest textile company in Indonesia, surprisingly cannot pay interest on bonds that are due on July 10, 2019. In fact, the subsidiary of Duniatex Group has only issued bonds four months ago. worth 300 million US dollars.
Failure to pay the bond coupon not only surprised investors, but also banks. Because the company’s track record to creditors is fairly fine. One of them is PT Bank Mandiri Tbk (BMRI, a member of the Kompas100 index) which has bilateral loan exposure to the Duniatex Group.
“We were also surprised by the news,” said Bank Mandiri Managing Director Kartika Wirjoatmojo.
According to Tiko, his nickname, Duniatex has never been in arrears in credit payments. Bank Mandiri had a credit exposure of up to Rp 5.5 trillion for the development of the business of one of the largest textile companies in Indonesia.
However, since 2015 Bank Mandiri has reduced credit exposure to Duniatex, as the company has also reduced its obligations. Until the end of December 2018, Bank Mandiri’s credit in this group has been reduced to only Rp 3.5 trillion.
“Currently there are only Rp 2.2 trillion left because seven months ago they paid Rp 1.24 trillion,” Tiko said.
Not wanting to speculate on the condition of the company, the management of Bank Mandiri is now in the process of asking for information on the difficulties faced by textile companies based in Solo, Central Java, this.
Tiko also ensures that Bank Mandiri has guaranteed machinery and adequate land for credit to the company owned by Hartono, this aging businessman from Solo.
“The process of bilateral restructuring negotiations with debtors is now underway,” said Tiko.Meanwhile Bank Mandiri Corporate Secretary Rohan Hafas said that the process of asking for an explanation of the current conditions from Duniatex was being carried out. By knowing what the problem is, we can provide ‘drugs’ that are in accordance with the company’s problems, whether restructuring, easing payments, softening or streaming size on credit, “Rohan said.
When referring to Bank Mandiri’s analyst meeting on July 17, 2019, Bank Mandiri claimed to have prepared reserves for its credit exposure from Duniatex’s fixed assets which were pledged as collateral for its debt with a ratio of 160 percent of total debt. Bank Mandiri also claimed to have met Duniatex since last week.
YLKI: BI and OJK Give Sanctions to Bank Mandiri
The Indonesian Consumers Foundation (YLKI) assessed Bank Indonesia (BI) and the Financial Services Authority (OJK) need to take firm action against Bank Mandiri by imposing sanctions related to the drastic change in the balance of millions of customers on last week. According to him, this can not be considered trivial, because it concerns the security of customer funds.
“BI and OJK must impose sanctions according to the banking law,” said Chair of the YLKI Daily Management Tulus Abadi.
Tulus also assessed that BI and OJK should immediately call Bank Mandiri management to resolve the problem thoroughly. Because, the problem of changing customer balances cannot be considered trivial.
“This concerns the public’s trust in Bank Mandiri,” he said.
With this case, the level of security for the protection of personal and customer data is certainly questionable. “There have been many complaints of money coming into me claiming that the balance is zero or increasing. If it increases, what has already been spent is the loss (for Bank Mandiri), “he said.
However, he appealed to the public to have good intentions and report if there were drastically increasing balances in his account. Because, if the funds are used, there are sanctions that ensnare the community as stipulated in the banking law.
Based on Act number 3 of article 85 of 2011 concerning Fund Transfers, it is stated that every person intentionally controls the transfer fund which turns out to be not his right, the person concerned can be sentenced to a maximum of five years in prison or a maximum fine of Rp. 5 billion. The emphasis on the article is if there is an element of intentional use of funds that are not their rights.
While the case of changes in customer balances due to an error system during the routine data backup process, OJK had previously asked Bank Mandiri to explain the matter, the state-owned bank was also asked to submit steps that would be taken to resolve the problem so it would not recur.
Bank Indonesia also did the same thing by evaluating the problems experienced by the BUMN Bank. Executive Director of the Bank Indonesia Communication Department Onny Widjanarko said the evaluation was carried out so that there would be service improvements from the bank concerned.
“We are currently investigating and evaluating for future development and improvement,” said Onny. (Fahad Hasan & DBS)