JAKARTA (TheInsiderStories) - State-owned Aluminium Maker, PT Indonesia Asahan Aluminium (Inalum) could have a new subsidiary, after PT Aluminium Development Corporation (Aldevco) transfers all of its assets, including its subsidiary PT Asahan Aluminium Alloys (AAA), to the Indonesia government.
Aldevco was established in 1988 by AR Soehoed, former Industry Minister (1978-1983) in the era of late President Soeharto, and Leon Harun and Paul Samadikun. Initially, Aldevco was established with main duty of selling aluminium ingots produced by PT Inalum. Later on, Aldevco decided to establish PT AAA to produce aluminium alloys.
The Finance Ministry stated that the transfer process of Aldevco to become state assets requires time, including the transfer of AAA to Inalum which requires parliament approval. This means the finance ministry should give capital injection (PMN) to the AAA.
Inalum stated that the company is ready to take over Aldevco’s subsidiary it can provide raw materials to AAA.
“I would like to thank all counterparts who have helped completed this process. I wish it (transfer) would be beneficial to the society,” Director General of State Assets The Finance Ministry Sony Loho said on Tuesday (Mar 7).
According to the audit of the Finance Development Audit Agency (BPKP), total assets of Aldevco in 2015 reached Rp137.8 billion, which consists of two tower Aldevco Octagon buildings in Mampang, South Jakarta, two factories in North Sumatera and Kalimantan, some cars and fresh money in domestic and overseas banks.
Inalum has a long relationship with AAA. Aldevco and its subsidiary has been ceased operation by Inalum in 1999 because the government suspected the company to have violated the prevailing laws. Soehoed suspected to have hidden non tax revenues worth Rp200 billion for ten years to his pocket and was named a suspect by the Attorney General in 2005.
Meanwhile, Junior Attorney for Special Crimes of AGO Arminsyah who is handling this case explained that Aldevco is owned by Indonesia government as admitted by Soehoed. Soehoed has declared he has tried to handover the company directly to the President since 2005.
“What if at that the time, the President approved his request or Soeheod handed over the company to the finance minister, the case could be closed,” he said.
Arminsyah added that he decided to terminate Soehoed’s corruption case because of age matter, with one condition: all of the Aldevco assets become state assets. Finally, after 12 years, the Aldevco is officially controlled by the State. Previously, the company was shrouded by problems such as tax lawsuit, legacy asset, etc.
Executive Director of Aldevco Middyningsih who was entrusted mandate by Soehoed said that she gave 100 percent the company stocks to the Indonesian government which consists of 624 units worth Rp624 million.
She claimed that Soeheod intended to transfer the company to the State from the beginning. However, with this transfer, she hopes that Aldevco has positive contribution to the country in the future. (*)