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Danantara halts SOE corporate actions pending audit
The President has ordered a halt to all major corporate actions, including mergers and acquisitions, divestments and investments as well as spin-offs, until the Danantara board has reviewed such projects and the performance of SOE executives.
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Danantara CEO Rosan Roeslani addresses reporters on May 7, 2025, at the presidential palace complex in Central Jakarta. (BPMI Setpres/Cahyo)
T
he country’s new state asset fund Daya Anagata Nusantara (Danantara) has ordered all state-owned enterprises (SOEs), except those publicly listed, to suspend corporate actions while it evaluates the performance of their executives.
Danantara CEO Rosan Roeslani confirmed the directive on Thursday, as President Prabowo Subianto had demanded that SOE leaders be “selected carefully”, with future board picks to follow Danantara’s recruitment model to help curb corruption.
Following a meeting with the President, Rosan told reporters at the State Palace that corporate actions were postponed “because, as the President has said, we want the most trained, best talent – those chosen based on meritocracy”.
“It comes down to value creation. Danantara has clear targets that we are expected to deliver on,” added Rosan, who is also investment and downstream minister.
Read also: Govt courts Bill Gates for Danantara board to anchor philanthropy push
The suspension, laid out in a circular dated May 5, follows the enactment of the new SOEs Law and the completion of share transfers in March, which consolidated all government-owned equities under Danantara as an operational holding company.
The directive halts all major corporate actions including mergers, acquisitions, divestments, investments and spin-offs, as well as long-term contracts, until they have been reviewed by the Danantara board.
