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Based on Presidential Regulation (Keppres) No.
15/2004, the Indonesian Bank Restructuring Agency (IBRA) was dissolved
by Government of the Republic of Indonesia on February 27, 2004.
In accordance with Government Regulation (PP) No. 17/1999, Art
11 (2), all formerly IBRA's assets become state assets and to
be managed by Minister of Finance ("MoF").
To manage these state assets, the Government decided to divide
these assets into two categories, as follows:
- Not free and clear assets to be managed by IBRA's Settlement Team
(Tim Pemberesan BPPN), and later on were handed over to the Ministry of Finance.
- Free and clear assets to be managed by PT Perusahaan Pengelola Aset (Persero) ("PPA"),
which was established on February 27, 2004 based on Government Regulation (PP) No. 10/2004.
As a State-owned Enterprise ("SOE"), PPA has a number of characteristics
which may differ from those of other SOEs in general; some of which are as follow:
- In addition to being responsible to the General Meeting of
Shareholders (i.e. the State Minister of SOE), PPA is also responsible to the
MoF as the party who delegates the authority to PPA to manage the State Assets
("the Assets") under the Asset Management Agreement.
- PPA has a limited five years of service.
- The Assets managed by PPA in not recorded on the Balace Sheet of the Company,
instead, it is recorded on the Government's Balance Sheet
(Government Financial Report).
- The Assets are on temporary possession by the State, which means that the
ultimate goal of the state assets management by PPA is to return such assets
to the market through transparent, accountable and fair disposal process.
Based on Asset Management Agreement signed by the MoF and PPA on
March 24, 2004, PPA has an obligation which includes the areas of:
- Asset restructuring
- Cooperation with other parties in order to enhance asset value
- Debt collection
- Disposal, and
- Other related tasks regarding asset management
PPA and its contribution to State Budget
As aforementioned in the Mission Statement above, the ultimate target of
PPA in managing state assets is to give optimal contribution to the State Budget.
The proceed derives from bank divestments, dividends from Government shares in
several companies managed by PPA, payment from loan assets and disposal of shares
and loan assets. It is with a humble pride to make a report that as of December 2007
the cumulative proceed PPA contributes to the State Budget has reached Rp 15,688
Billion - far exceeding the total target expected by the Government.
Last but not least, in performing its duty as the State Asset Management Company,
PPA is always enforcing the best practice of Good Corporate Governance ("GCG")
principles namely Transparency, Independence, Accountability, Responsibility and
Fairness. Further more, as an SOE, PPA is always committed to comply with the
prevailing statutory regulations in every aspect of its operation and activity.
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