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Danantara has little choice but to rescue financially bleeding state-owned enterprises (SOEs) by channeling dividends from profitable SOEs, as government funds are no longer permitted for such purposes. The market has responded positively to the planned rescue of near-collapse SOEs, though some have warned Danantara of the potential risk of wasting valuable investment capital.
The pilots union deemed the amount as unusual and criticized the move as inconsistent with a push from the government and the company for cost efficiency, urging management to conduct an evaluation to ensure the airline’s business sustainability.
Since taking office in October, President Prabowo Subianto has moved quickly to install key allies, many with military backgrounds, into top posts at state-owned enterprises (SOEs). Their appointments span a wide range of sectors from aviation and logistics to mining, prompting concerns over growing cronyism and the erosion of meritocratic principles in corporate governance of SOEs.
The land would be developed by the Agriculture Ministry, with 200,000 hectares situated in Wanam, South Papua, while the remaining 225,000 hectares spread across South Kalimantan, Central Kalimantan, West Kalimantan and South Sumatra.
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.
Several new articles included in the revised State-Owned Enterprises (SOEs) Law suggest that state-owned firm’s directors, commissioners and supervisory board members are not considered state officials, potentially limiting the antigraft body’s authority over them.
