Nothing is simple when it comes to State-Owned Enterprises (BUMN) in Indonesia. Hundreds of companies that have been operating for decades are more often a burden than a profit, therefore, towards the end of 2021, President Joko “Jokowi” Widodo ordered the Ministry of BUMN under the lead of Minister Erick Thohir to make improvements. Minister Erick then revealed plans to immediately disqualified seven BUMNs, including the State-owned construction company, PT Istaka Karya (Persero). However, before the plan can be carried out, news emerged that the Central Jakarta District Court had granted the request for annulment of the peace agreement that previously saved Istaka Karya from bankruptcy nine years ago. It is interesting to know that there is no record of petition for annulment in the court directory.To subscribe please click here
