Supreme Audit Agency Findings: Government Investments in State-Owned Enterprises Have Not Yet Yielded Optimal Results

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Adi Ahdiat 06/10/2022 16:40 WIB

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The Indonesian Audit Board (BPK) assessed that State Capital Participation (PMN) for State-Owned Enterprises (SOEs) during the 2015-2018 period did not yield optimal results.

Findings of the Indonesian Supreme Audit Agency (BPK) Regarding Problems in State-Owned Enterprises (BUMN) Programs Funded by the State Budget (PMN) (2015-2018)

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Supreme Audit Agency Findings: Government Investments in State-Owned Enterprises Have Not Yet Yielded Optimal Results

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Findings of the Indonesian Supreme Audit Agency (BPK) Regarding Problems in State-Owned Enterprises (BUMN) Programs Funded by the State Budget (PMN) (2015-2018)

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The Indonesian Financial Audit Agency (BPK) assessed that State Capital Participation (PMN) for State-Owned Enterprises (SOEs) during the 2015-2018 period did not yield optimal results.

This was stated by the BPK in its Semester I Audit Result Summary (IHPS) Report for 2022, released on October 4, 2022.

"The Ministry of SOEs has not fully implemented control over the management of several programs funded by cash PMN from 2015-2019, so the objectives of providing PMN have not been achieved in accordance with the SOE roadmap 2015-2019," explained the BPK in its report.

PMN is one form of government investment aimed at generating economic and social benefits. Economic benefits can include interest, dividends, and royalties. Social benefits include improvements in public service quality, such as improvements in energy, agricultural, and health infrastructure, among others.

According to the BPK, SOE programs funded by cash PMN that did not meet their targets include:

* Power plant construction, transmission, and substations did not reach the 35 GW target during 2015-2019;
* Rice and salt trading did not meet targets;
* Sugar production was not optimal; and
* The shipbuilding industry was not optimal.

"This has resulted in the potential for delays in completing work, and the purpose of providing PMN funds has not been achieved in the roadmap and RKAP (Company Work Plan and Budget) of each SOE," the BPK emphasized.

Overall, the BPK found 107 problems in SOE programs funded by cash PMN during the 2015-2018 period, with the following details:

* Weaknesses in internal control systems: 54 problems
* Non-compliance: 34 problems with a value of Rp459.49 billion
* Inefficiency and ineffectiveness: 19 problems with a value of Rp100.83 billion

The accumulated losses/potential losses/inefficiencies from all the above problems reached Rp560.32 billion.

The BPK stated that several related entities have followed up on this by depositing Rp112.23 billion into company funds. Therefore, Rp448.09 billion remains outstanding.

"The BPK recommends that the Minister of SOEs conduct control and evaluation through business restructuring and reconstruction in the food sovereignty, energy independence, and maritime development programs," concluded the BPK.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Supreme Audit Agency Findings: Government Investments in State-Owned Enterprises Have Not Yet Yielded Optimal Results

Supreme Audit Agency Findings: Government Investments in State-Owned Enterprises Have Not Yet Yielded Optimal Results

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